Hong Kong Insurance Authority hosts Captive Forum in Beijing to promote Hong Kong as a domicile for captive insurers

The Hong Kong Insurance Authority hosted a Captive Forum in Beijing, bringing together close to 100 participants from enterprises, captive insurers, (re)insurers and professional service providers from Chinese Mainland and Hong Kong to discuss the role of captive insurance in risk management. In opening remarks, Executive Director for Policy and Legislation Clement Lau positioned Hong Kong as a global risk management centre supported by “new captives” and pointed to the increasing complexity of external risks and rapid technological change as drivers for a more holistic, autonomous approach to risk management that captives can support. He also described Hong Kong’s open insurance market as making it an “ideal domicile” for Chinese Mainland enterprises to establish captives, and stated that the authority intends to foster a robust captive ecosystem through facilitative policies, talent attraction and strengthened professional services. Three panels covered captives’ value proposition for enterprises expanding overseas, risk consolidation in the set-up of captive insurers, and how captives can collaborate with the commercial insurance market.