Hong Kong to reappoint insurance regulator as industry braces for tough period: sources

Hong Kong's government is set to reappoint Clement Cheung Wan-ching as the CEO of the Insurance Authority for another three-year term, according to two sources familiar with the decision. The move is intended to ensure continuity and stability in the city's insurance sector, which is facing significant challenges due to Beijing's offshore tax clampdown, reported the South China Morning Post.

Cheung, who has been leading the regulator since 2018, is set to complete his current term on Friday. His reappointment is attributed to his notable achievements over the past few years, as the insurance industry has experienced record-breaking growth. Life insurance sales in Hong Kong surged 51% in the first quarter, reaching another record high, with the industry issuing HK$141.1 billion (US$18 billion) in new life policies during that period, according to Insurance Authority data.

Mainland buyers contributed approximately 25% of these sales. Despite these positive developments, Cheung will begin his new term at a challenging time for the industry, as Beijing intensifies controls on mainland families' utilization of cross-border wealth and insurance products. One such measure introduced earlier this month includes a 20% tax on gains from offshore insurance policies.

Cheung, a career civil servant who joined the government in 1983, has held various senior positions, including Commissioner of Insurance from 2006 to 2009, during which he managed the industry through the global financial crisis. He has also served as Hong Kong's Postmaster General, Commissioner of Customs and Excise, and Secretary for the Civil Service from 2015 to 2017.

Under his leadership, the Insurance Authority has implemented stringent regulations to protect policyholders and oversee the city's roughly 100,000 insurance agents and brokers. The Insurance Authority, an independent regulator established in December 2015, succeeded the former Office of the Commissioner of Insurance in June 2017 and has been directly overseeing the city's insurance intermediaries since 2019.

Hong Kong is the 12th largest insurance market globally, with total premiums for life and general insurance standing at US$99 billion in 2025, a 31% increase from the previous year, as reported by Swiss Re.