Insurance Authority unveils AI promotion plan to boost industry adoption

Hong Kong's Insurance Authority (IA) has announced plans to launch a new artificial intelligence (AI) promotion initiative, with updated application guidelines set for release next year to provide clearer regulatory direction for the sector.

The program aims to accelerate industry development through enhanced infrastructure and knowledge sharing.

IA chairman Stephen Yiu Kin-wah emphasized that AI technology is progressing rapidly and has already been widely adopted across multiple insurance functions, including underwriting, claims processing, and risk assessment.

He noted that Hong Kong's financial institutions are leading in AI adoption, with 38 percent already implementing generative AI solutions - significantly higher than the global average of 26 percent.

You also said that an IA survey of over 110 insurance companies conducted earlier this year revealed that 20 percent have fully developed and implemented AI strategies, while more than half remain in the exploration or pilot phase.

Notably, 40 percent of respondents indicated plans to increase AI-related investments within the next two years, he added.