Hong Kong expands insurance talent pool, addresses global risks: minister
Hong Kong is expanding its insurance talent pool with over 12,000 licensed intermediaries and 22,000 participants in a training scheme, Secretary for Financial Services Paul Chan said. He highlighted global risks from geopolitics, climate change, AI and ageing populations, stressing no single regula
Hong Kong is stepping up efforts to expand its insurance talent pool, with more than 120,000 licensed insurance intermediaries currently in the city, Secretary for Financial Services and the Treasury Paul Chan said at the annual conference of the International Association of Insurance Supervisors on 12 November.
Chan noted that the “Insurance Practitioner Training Enhancement Scheme”, launched a decade ago, has so far seen around 22,000 industry practitioners take part. Under the “Specialist Insurance Professionals” and “Actuary” categories of the city’s talent list, authorities have received and approved over 100 applications, reflecting confidence in Hong Kong’s prospects as an international risk management centre, he said.
In his speech, Chan highlighted that the world is facing an unprecedented degree of interwoven risks, with geopolitical shifts affecting supply chains and financial markets, climate-related risks intensifying, artificial intelligence reshaping how insurers underwrite, price and serve customers, and ageing populations changing protection and long-term savings needs. These risks, he said, know no borders, and no single regulator, market or industry can tackle them alone.
As a super-connector, Hong Kong brings together insurers, reinsurers and capital markets under a robust regulatory framework, with close ties to mainland China and the international community, Chan said. These advantages, he added, enable the city to help the insurance industry respond to emerging risks.
The government will continue to strengthen Hong Kong’s role as a regional risk management centre by attracting more specialised captive insurers to set up operations, expanding the insurance-linked securities market, and nurturing industry talent, Chan said. This will help Asian and mainland Chinese enterprises expand overseas.
Chan also called for broadening financial resource channels to address losses through insurance-linked securities such as catastrophe bonds. Hong Kong has extended its “Insurance-linked Securities Grant Scheme” until 2028 to promote market development and participation, he said, expressing hope of building an ecosystem where insurers, investors and service providers can develop risk-transfer solutions with global impact.