Hong Kong Insurance Authority Backs Silver Economy Growth Strategy
The Insurance Authority (IA) of Hong Kong has expressed its support for a new initiative focused on the silver economy, emphasizing the sector’s importance to aging populations and the potential for regional collaboration.
The initiative, introduced by the Working Group on Promoting Silver Economy, includes proposals to strengthen financial and healthcare infrastructure to accommodate Hong Kong’s growing elderly population. IA chairman Stephen Yiu noted that the longevity of Hong Kong’s population presents both economic opportunities and new demands for services.
“Hong Kong values the longevity of its indigenous population, but we must also grapple with the rising demand for social support and medical services which it brings,” Yiu said. The IA is discussing with insurers the development of accessible products that enable residents to utilize care services across the Greater Bay Area (GBA).
A recent panel session titled “Navigating the Silver Economy” during the Asian Financial Forum highlighted the GBA’s strategic role in the silver economy. The session discussed how collaboration between Hong Kong, Macao, and mainland GBA cities could improve access to cross-border insurance offerings and services.
Clement Lau, the IA’s executive director for policy and legislation, emphasized the insurance sector’s vital role in addressing the elderly community’s pressing issues and driving the silver economy. He also pointed out the need for greater industry alignment beyond insurance providers, citing the potential for collaboration with other sectors within the GBA.
The IA has welcomed recent legislation allowing companies to re-domicile to Hong Kong, which is expected to benefit foreign insurers with significant local operations. This move reflects Hong Kong’s strategic value and market demand, reinforcing its position as a key financial hub in the region.
The Insurance Authority plans to work with industry and regulatory counterparts to help insurers navigate the new re-domiciliation regime, ensuring a smooth transition for companies looking to make Hong Kong their home base.
