Hong Kong, China consider insurance link

A special channel for the marketing, sale and processing of insurance products is being considered in Hong Kong.

The territory’s authorities and their counterparts in mainland China are studying such a proposal by using a model pioneered in the Stock Connect, according to Insurance Authority chairman Moses Cheng Mo-chi.

Cheng said he and Insurance Authority chief executive John Leung Chi-yan introduced the idea to the mainland’s banking and insurance regulator, China Banking Insurance Regulatory Commission, in a meeting in May and had received positive feedback.

As of the moment, discussions with mainland officials are being held. Cheng said the idea for the special channel originated with local Hong Kong insurance companies.

With the proposal, Hong Kong insurers would set up service centres in the Greater Bay Area.

The move will allow mainland customers to settle renewal premiums and file claims for insurance products they already own.

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