The Hong Kong Insurance Authority held the 2024 Asian Insurance Forum at the Hong Kong Convention and Exhibition Centre on the 10th. The forum focuses on "meeting the challenges of global market volatility", gathering over 400 professionals from the insurance industry, banking and asset management, regulatory agencies, law enforcement agencies, and related institutions to share the advantages of Hong Kong as a global risk management center and explore the prospects and challenges of the global financial market. Hong Kong Chief Executive Carrie Lam stated in her speech that Hong Kong is one of the world's three major financial centers and a hub for asset and risk management, playing an important role in leading the development of the insurance industry in the region and globally. At present, about 160 authorized insurance companies have settled in Hong Kong, including six of the world's top ten insurance companies. In addition, the three major international insurance groups have also chosen Hong Kong as their management base, fully reflecting Hong Kong's advantages as an international financial center and insurance industry hub. Technological innovation will become a key driving force for the growth of the insurance industry, and the SAR government is committed to supporting insurance technology and digital transformation Li Jiachao pointed out that Hong Kong's rapidly developing insurance technology business is helping the insurance industry embrace artificial intelligence, data analysis, and blockchain, bringing tangible improvements to businesses and consumers. At the same time, the Guangdong Hong Kong Macao Greater Bay Area provides profound opportunities for Hong Kong to lead regional integration, promote mutual access to insurance markets, and facilitate smoother flow of personnel and capital within the region. In her keynote speech, Luo Yanjun, Director of the Personal Insurance Regulatory Department of the State Administration of Financial Supervision, mentioned that the insurance industries in mainland China and Hong Kong have a deep foundation and strong complementarity. In recent years, the overall stability of the insurance market in mainland China has provided ample room for development. In the future, we will continue to support further exchanges and cooperation between the insurance industries of mainland China and Hong Kong, consolidate and enhance Hong Kong's position as an international financial center, and respond to fluctuations in the global financial market. The Deputy Secretary for Administration of the Hong Kong Special Administrative Region Government, Cho Wing hing, pointed out that in the context of the increasing number of catastrophic events caused by climate change, the SAR government fully supports the Hong Kong insurance industry in providing more comprehensive products and solutions to assist Hong Kong and global market participants in better managing related risks. Zhuo Yongxing introduced that since 2021, Hong Kong has issued 5 types of insurance related securities, raising over 700 million US dollars to manage typhoon and earthquake risks. At the forum, attendees also had in-depth exchanges and discussions on topics such as formulating regulatory priorities with a global perspective, promoting headquarters economy, and integrating wealth management with insurance solutions. (New Society)