HK insurance industry needs revamp to pull out of 'crisis'

Hong Kong

HONG Kong is eyeing policy, tax and regulatory reviews to boost its insurance industry following the recent departures and downsizing of international insurance and reinsurance firms here.

Hong Kong also faces challenges from Asian competitors in reinsurance, marine insurance and captives, Winnie Wong, a member of the Financial Services Development Council (FSDC) and chief executive officer of Asia Insurance Company, told reporters on Thursday.

Ms Wong was speaking at a press conference about a report released last week by the FSDC, a government advisory body, on the "cris…