Eric Chan: Consolidate Hong Kong's position as a global risk management center and optimistic about the prospects of the insurance industry.

Hong Kong Financial Secretary Paul Chan Mo-po expressed optimism about the prospects of the insurance industry in Hong Kong during his video address at the Insurance Summit, especially with the increasing prosperity of the Greater Bay Area and the growing demand for high-quality insurance and investment products. He supports the industry in seizing cross-border business opportunities, including setting up after-sales service centers in Nansha and Qianhai to provide policy management and services for policyholders residing in Guangdong Province. Paul Chan Mo-po stated that the Hong Kong government aims to consolidate Hong Kong's position as a global risk management center, including providing innovative tools to manage climate-related risks. He mentioned that a total of 5 catastrophe bond-linked securities have been issued in Hong Kong, covering various disasters such as earthquakes and storms, with a total value exceeding 700 million US dollars. Paul Chan Mo-po mentioned that the Policy Address proposes more measures to promote the development of the insurance industry, including continuing to attract large mainland state-owned enterprises and other large enterprises to establish captive insurance companies in Hong Kong. He firmly believes that Hong Kong already has the conditions to become a leading global risk management center.