Hong Kong Insurance Authority: Hong Kong's insurance penetration rate reaches as high as 17.2%, ranking first in the world.

The Office of the Commissioner of Insurance in Hong Kong has released a research report indicating that Hong Kong's insurance penetration rate is as high as 17.2%, ranking first globally, and is expected to create an additional value of HK$108.4 billion for the Hong Kong economy by 2024. The insurance industry has a profound impact on Hong Kong, with its role continuously evolving and expanding. The report states that the insurance industry is at the forefront of addressing urgent global issues, including climate risks, cyber threats, health hazards, and longevity risks, while also playing a key role in promoting long-term wealth management and intergenerational financial planning. With the support of artificial intelligence, data analytics, and digital innovation, the insurance industry provides inspiring and flexible career development opportunities, breaking stereotypes held by the public about the industry. The Hong Kong insurance industry is becoming increasingly important in maintaining economic stability and social welfare. The industry's ability to sustain growth relies on its pool of talent. As the industry faces more diverse and complex risks and moves towards grand development, there is a growing demand in the market for talent with diversified and cross-disciplinary skills (including digital applications, cross-domain risk management, and cross-border transaction processing). If the labor shortage continues to widen, it will limit the industry's growth potential. The Chairman of the Office of the Commissioner of Insurance, Mr. Clement Cheung, stated that Hong Kong sets a leading standard in promoting capital transformation, innovation, and risk management solutions in the insurance industry. The Office will continue to focus on promoting human capital development, nurturing a new generation of professionals, and shaping the industry's future together.