The Hong Kong Government is considering the implementation of a new system aimed at facilitating company relocations. Selina Lau, Chief Executive of the Hong Kong Federation of Insurers (HKFI), highlighted that a significant number of property and casualty insurers have relocated their headquarters away from Hong Kong in recent years, largely due to the pandemic.
In response, the HKFI is actively engaging with government officials to devise strategies to entice insurers, particularly property insurance firms, to return their headquarters to Hong Kong. Lau noted that two years ago, the HKFI established a dedicated working group focused on offering legal and technical guidance to the Government. The insurance sector has been advocating for the creation of a streamlined legal framework to incentivize insurance companies to set up their headquarters in Hong Kong.
As the legislative process for the proposed relocation system progresses, the insurance industry is prepared to take proactive measures to ensure its successful implementation.
