Christopher Hui, Secretary for Financial Services and the Treasury for the Government of Hong Kong, gave an opening address to the packed main arena – opening the two-day event, which also saw more than 300 world leading industry speakers take to the stage in panel and keynote sessions.

Hui spoke about why Hong Kong has become a thriving hub for insurance and innovation in the Asia Pacific region, and predicted significant growth across all insurtech sectors in the coming months. Additionally, Clement Cheung, CEO of the Insurance Authority, shared his insights on the Evolution of the Insurance Market Landscape in Hong Kong. 

The rundown of speakers also featured Anil Wadhwani, Group CEO of Prudential plc; Kevin Strain, President and CEO of Sun Life; Greg Hingston, CEO HSBC Global Insurance and Partnerships; and C-suite executives from leading insurers including AIA, AXA, BOC Life, Chubb, FWD, Generali, HSBC Life, Manulife, Ping An, Prudential, QBE, Sun Life, Tata Life, Tokio Marine and Zurich. 

Joseph Chan, The Under Secretary for Financial Services and the Treasury, said, “Hong Kong’s innovation and technology sector has experienced strong growth over the past few years. Today, our city is home to over 1,000 fintech companies and start-ups, a 25% increase from last year. Working with the insurance industry, Insurance Authority and other stakeholders such as the organiser of Insurtech Insights Asia 2023, the HKSAR Government is committed to helping accelerate digitalisation, fostering partnerships with Insurtech ventures and nurturing talent.”

He continued: “The Government also has dedicated resources in promoting and supporting the development of insurance and Insurtech in Hong Kong. This includes measures to facilitate overseas-registered companies, including insurers, to redomicile to Hong Kong. We invite the insurance community to join us in embracing a new era of fintech and benefit from the development of Insurtech through participation at Insurtech Insights Asia 2023.”

Insurtech is part of Hong Kong’s swiftly scaling economy

King Leung, Head of Financial Services and Fintech at InvestHK, also commented, saying, “The insurance and insurtech industry are pivotal parts of Hong Kong’s rapidly growing financial services and fintech landscape. We’re delighted to be a partner of Insurtech Insights Asia 2023 which builds on the continued success of Hong Kong FinTech Week. The HKSAR government is already partnering closely with industry partners as well as the Insurance Authority on initiatives to grow key areas including captive insurance and insurance-linked securities.”

He said that Hong Kong will also play an increasingly important role under the 14th Five Year Plan as a hub for risk management between China and the rest of the world. “We are fully committed to supporting the insurance industry’s development, helping foster product innovation, cultivating a robust talent pool and strengthening the insurtech ecosystem,” Leung stated.

Author: Joanna England