The Hong Kong government will adopt various measures, including tax reliefs to promote the development of marine insurance and the underwriting of specialty risks in the territory so as to strengthen Hong Kong’s status as an international insurance hub.

This was announced by Hong Kong chief executive Carrie Lam in the annual policy address delivered yesterday.

She also said: “In addition, the government will make relevant legislative amendments to allow for the formation of special purpose vehicles in Hong Kong specifically for issuing insurance-linked securities with a view to enriching the risk management tools available in the Hong Kong market. I expect the Insurance Authority to make further proposals to promote the competitiveness of Hong Kong’s insurance industry.”

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