Renewed interest in the insurance sector in Hong Kong, according to PWC
According to the report, because it already houses many of the biggest insurers from Europe, United states, China, Japan, and Australia, a Special Administrative Area of Hong Kong continues to be the most alluring entry point for insurers broadening both into and out of that country.
According to the research, Hong Kong's Insurance Authority is making every effort to position Hong Kong as a top choice for both international and local insurance head offices, offering a variety of entrance and departure options as transaction activity in the insurance industry picks up.
Along with portfolio transfers, increasing interest from run-off providers, and considerable activity from parties seeking to enter the market through both deals and greenfields, there has been a lot of activity.
According to the PWC report, the future is promising as Hong Kong prepares to play a significant role in the Greater Bay Area. Policy incentives have been promised for insurance companies, including plans to permit Hong Kong insurers to open service centers in the Greater Bay Area's mainland cities in order to improve financial connectivity.
PWC argues that if successful, this will assist Hong Kong insurers in facilitating cross-border end services in the china Greater Bay Area, including as processing premium payments and handling claims.
Hong Kong has developed new legislation to draw captives and ILS in Hong Kong in an effort to promote itself as Asia's leading risk analysis and reinsurance centre.
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