Hong Kong to host annual meeting for global insurance regulators in 2026 Hong Kong will play host to global insurance regulators and supervisors for the first time in 2026, according to the government, adding another feather in the cap to the city’s status as a venue for business events. The International Association of Insurance Supervisors (IAIS) will hold its annual general meeting in the city, Chief Executive John Lee Ka-chiu said at an industry conference on Tuesday, showing Hong Kong has the potential to become a hub for risk management, backed by robust capital markets. The IAIS is a voluntary membership organisation of supervisors and regulators from more than 200 jurisdictions, covering 97 per cent of the world’s insurance premiums, according to its website. “Hong Kong is the perfect venue for discussions like the one we are having today,” Lee said at the annual Asian Insurance Forum. Hosting the IAIS meeting will strengthen Hong Kong’s role as a platform for global financial professionals and regulators to exchange views. The city hosted several flagship events this year, including the Global Financial Leaders’ Investment Summit in November and the Financial Stability Board Plenary meeting of global central bankers earlier this month. “This shows Hong Kong is a ‘world city’, connecting finance professionals and regulators internationally and helping to establish and share best practices and foster cross-border collaboration,” said Mark Konyn, chief investment officer at AIA Group. In his policy address in October, Lee unveiled a plan to attract global insurance companies to use the city as a base to expand in the region. He also wants to promote marine insurance and “captive insurance”, which involves large companies setting up insurance firms to underwrite risks within the group. “Hong Kong is one of the world’s top three local financial centres, and a hub for assets and risk management, which plays a pivotal role in leading the development of insurance across the region and beyond,” Lee said. Companies and supranational agencies have sold five catastrophe bonds in Hong Kong, raising more than US$700 million of proceeds, he added. Hong Kong has 160 licensed insurance companies, including six of the world’s top 10 players. The city also has the world’s largest insurance penetration rate, Lee said, and its deep and active capital markets provide an ideal place for insurers to raise funds. Insurers wrote HK$115.9 billion (US$14.9 billion) worth of new life insurance policies in the first half this year, a 12.5 per cent increase from the same period last year, according to the Insurance Authority. It was the highest since the authority began compiling the data in 2016. Demand for wealth management and estate planning was the driving force behind the growth, said Edward Moncreiffe, CEO of global insurance at HSBC, whose firm sold a world record US$250 million policy in the first quarter. “Wealth transfer and succession planning is now a tidal wave of demand,” he said at the forum. “The insurance sector is able to provide the solution because [you] can name the beneficiaries with privacy, with a very high value solution for wealth transfer.” Hong Kong should appeal to global insurance companies seeking to set up their headquarters in the region, said Frederick Ma Si-hang, chairman of FWD Group, a Hong Kong-based regional insurer controlled by Richard Li Tzar-kai. “Hong Kong also has a sound regulatory regime, while it is connected with the huge mainland market and has a large pool of talent,” Ma said at the AIF conference. https://www.scmp.com/business/article/3290116/hong-kong-host-annual-meeting-global-insurance-regulators-2026 (ICE HONG KONG)

Fonte notizia: South China Morning Post