Hong Kong poised for greater role in shipping insurance to support China’s cargo fleet
- Recent third plenum highlighted Beijing’s support for building the city’s role in maritime sector, veteran insurer and executive councillor says
Hong Kong can enhance its role as an international insurance centre for the shipping sector after China’s recent high-level planning meeting expressed support for the city developing more insurance and risk-management services, according to a veteran insurer and member of the city’s cabinet.
“The recently concluded third plenum has highlighted the mainland’s policy support and hope to enhance Hong Kong’s status as an international financial, shipping, and trading centre,” said veteran insurer Chan Kin-por, a lawmaker representing the insurance sector and a member of the Executive Council, Hong Kong’s cabinet.
“This goes hand in hand with another resolution arising in the third plenum to raise the underwriting capacity of maritime insurers to help them provide better global services,” Chan said.
“These shipping companies can use Hong Kong to fulfil their insurance needs,” Chan told the Post.
Hong Kong has more than 1,100 maritime and port companies, providing a diverse range of quality services, he said. Hong Kong has 2,500 registered seagoing vessels with a gross tonnage exceeding 100 tonnes, ranking fourth globally.
