Hong Kong IA collaborates with CIB to help brokers breach GBA market

This was announced during the CIB Annual Conference 2022.

The Hong Kong Insurance Authority (IA) is in preliminary discussions with the Hong Kong Confederation of Insurance Brokers (CIB) to help insurance brokers from Hong Kong enter the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

In a speech by IA chairman, Stephen Yiu, said the CIB and the IA are working on a proposal which will allow limited access by small and medium broker companies from Hong Kong into GBA with commensurate relaxation of entry qualifications so that they could design one-stop insurance solutions for local entrepreneurs pursuing new ventures in the nine Mainland cities

This was an update on a question posed by Clement last year on how mutual benefits for Hong Kong and the Mainland could be accrued from the dual circulation economic strategy by their immersion into the development of the GBA and participation in plans to liberalise selected business sectors.

Yiu said that the IA will release an update as soon as there is meaningful progress in the proposal.

The discussion is just the latest in Hong Kong’s bid to help insurers tap the GBA market. Recently, Hong Kong Chief Executive John Lee announced plans to build after-sales services centres on the Mainland to support GBA residents who have bought insurance policies in the city.