Tax incentives, market expansion, and more – HKFI’s proposals to the government | Insurance Business Asia
Tax incentives, market expansion, and more – HKFI’s proposals to the government
Ambitions for marine expansion also outlined
Following a consultation session on Policy Address 2023, The Hong Kong Federation of Insurers (HKFI) revealed the wishes and aspirations of the industry for the government.
As part of its September 2023 newsletter, the federation revealed the submitted comprehensive proposal outlining the shared objectives of the sector:
Broaden the market and draw in more international financial capital to Hong Kong
Capitalise on Hong Kong’s standing as a hub for risk management connecting the Greater Bay Area (GBA)
Enhance local and international talent and human capital
Introduce incentives under the Hong Kong Risk-Based Capital framework to encourage investment in Green and Sustainable Finance instruments
Implement tax incentives to promote additional retirement/savings products, Protection Linked Plans, and green products
Streamline the adoption of insurtech and bolster fraud prevention
Foster the advancement of marine insurance through avenues such as entering free trade agreements, talent development, and attractive incentives to entice top marine insurance companies to establish a presence in Hong Kong
Leveraging the expertise of its members, HKFI also said that it is fully devoted to collaborating with the administration to enhance Hong Kong’s stature as an international insurance centre and a risk management hub.
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