The Greater Bay Area: A Golden Opportunity for the Hong Kong Insurance Industry?
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Key takeaways:
- On 18 February the PRC State Council published its blueprint for the development of the Greater Bay Area, an area comprising Hong Kong, Macau, Shenzhen, Guangzhou and a number of other cities in Guangdong province.
- The blueprint promotes a number of initiatives involving the insurance industry, such as mutual market access, development of cross-border products and InsurTech cooperation.
- Although its impact will depend on future implementing regulations, the blueprint is an important endorsement of existing key initiatives that pose significant growth opportunities for insurers authorized in Hong Kong.