Insurance industry vital to GBA vision: Lam

Hong Kong together with HKIA is working to establish after-sales service centres.

The insurance industry has an important part to play in realizing the vision of the Greater Bay Area, according to Hong Kong chief executive Carrie Lam.

In her opening remarks for the Asian Insurance Forum 2021, Lam said that mitigating risks is at the heart of the insurance profession and in doing so, will help ease the minds of those planning to live, study and work in the GBA.

To help insurers, the government, together with the Hong Kong Insurance Authority, has established after-sales services centres in cooperation with their Mainland and Macau counterparts.

“This is the breakthrough that everyone in the insurance industry has been longing for, and I can understand that expectations have been further raised following the formal launch of Wealth Management Connect in September. As the Chief Executive of the Hong Kong Special Administrative Region, I would try my best to give it a further push,” Lam said.

Lam also added that they are preparing to introduce a unilateral recognition police that will allow third-party insurance coverage for Hong  Kong vehicles enter the Guangdong province via the Hong Kong-Zhuhai-Macao bridge which lam said is set to be a huge demand once the pandemic has been overcome.

“There is also the possibility of developing cross-boundary health policies and other innovative insurance products. These could be of great benefit to those who regularly travel to and from the Greater Bay Area,” Lam said.

Lam then thanked the insurance industry for the relief it gave policyholders during the pandemic and for promoting the government’s vaccination programme.

“I look forward to the industry's continued support, particularly in our work to promote Hong Kong as a global risk-management centre. I have every confidence in your ability to reach new heights and, in doing so, help create a rewarding future for us all,” Lam said.