The government will work with the Hong Kong Maritime and Port Development Board and the industry to explore proposals for the synergies between financial and maritime services, with a particular focus on marine insurance and ship finance, Chief Executive John Lee Ka-chiu announced in the Policy Address 2026.
Leveraging Hong Kong's well-established maritime finance, insurance and maritime arbitration under common law, the city aims to build an integrated ecosystem under which Hong Kong-invested enterprises adopt Hong Kong law, take out Hong Kong insurance and choose for arbitration to be seated in Hong Kong.
On promoting "Finance + Shipping", the Insurance Authority will drive the expansion of the underwriting capacity of the industry's marine specialty risk pool to better manage risks.
The marine specialty risk pool launched last November - backed by five local insurers - currently provides risk coverage up to US$130 million (HK$1.01 billion) to local and Chinese mainland shipowners against contingencies like wars.
To meet the boosted demand for new specialised insurance, the government and the IA will also suitably increase the insurance sector's underwriting appetite to cover areas like green-fuel bunkering.
With the support of the China Shipowners Mutual Assurance Association and the assistance of the government and the IA, the Hong Kong Shipowners Mutual Assurance Association is expected to conduct international business in Hong Kong.
Besides, as maritime arbitration cases in the region have increased in recent years, the government will continue to promote Hong Kong's maritime arbitration services.
Hong Kong's international influence will be reinforced through the provision of comprehensive solutions for ship finance, contractual governance, risk management and dispute settlement, Lee noted.
These initiatives come as the government plans to support the development of diversified products pertaining to maritime finance, insurance, trade financing, and value-added services under its First Five-Year Plan.
Promoting cross-border yuan settlement in the maritime industry, supporting the expedited development of protection and indemnity clubs, as well as advanced training in maritime insurance, are also outlined in the First Five-Year Plan.
Stephen Yiu Kin-wah, Chairman of the IA, said: “The IA will complement Hong Kong's First Five-Year Plan through implementing measures such as deepening regulatory collaboration, crafting specialised risk management tools and enhancing the Risk-based Capital Regime, thereby supporting the establishment of 'Four Centres and One Hub' and bolstering the competitive edge of Hong Kong as an international financial centre."
The authority vows to develop specialty insurance catering and expand the underwriting capacity of the marine specialty risk pool, Yiu noted.
To enhance Hong Kong's strategic role as a risk management hub, the IA will encourage the industry to enrich cross-boundary insurance offerings and expand connectivity with the Chinese mainland, Yiu added.
