Hong Kong’s Insurance Authority aims to broaden regional clientele base: reappointed CEO
After Beijing’s plans to tighten up the taxation of overseas income sent shock waves through the city’s banks and insurers last week, Hong Kong’s insurance regulator will make broadening the sector’s clientele a priority, its reappointed chief said on Friday. “The priority of the Insurance Authority will be placed on broadening the regional clientele beyond Chinese mainland visitors, ensuring…
Hong Kong's Insurance Authority is prioritizing expanding its clientele beyond mainland Chinese visitors, following Beijing's recent efforts to tighten taxation on overseas income, according to the authority's reappointed chief, Clement Cheung Wan-ching. Speaking to the South China Morning Post, Cheung highlighted the need to enhance competitiveness and offer more specialized insurance products to support national development and strategic transformation in Hong Kong.
The authority will also review its medical insurance business and introduce measures to facilitate extended care services in the Greater Bay Area. Cheung, who has been the authority's CEO since 2018, will continue in the role for another three years. Hong Kong's insurance sector has seen significant growth under Cheung's leadership, with life insurance sales breaking records for the past three years as a result of increased demand from mainland and other Asian visitors seeking protection, wealth management, and wealth transfer services.
However, the industry now faces challenges due to Beijing's increased controls on cross-border wealth management and insurance products, including a new 20% tax on gains from offshore insurance policies for wealthy mainland families.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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