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Insurance industry in Hong Kong has achieved sustained growth over the past few years despite a troubled global economy, Secretary for Financial Services and Treasury Frederick Ma said Tuesday.
Ma said at a CEO Insurance Summit that according to the provisional statistics for 2002, total gross premiums of the insurance industry surged to 91.7 billion Hong Kong dollars (11.8 billion US dollars), a 20 percent growth over the previous year.
Ma said Hong Kong has distinctive advantages for the international insurance companies to do business: one of the world's freest economies, a world-class business center, superb infrastructure and its location of strategic importance.
"For the future, I will add a fifth ingredient to tempt your palates, the Chinese mainland market," he told the participants to the summit.
"The question today is not whether you should enter the mainland market, but how to do so. Historically, Hong Kong has been the international gateway to the mainland. This role is set to grow," he added.
Ma said with the expertise and experience accumulated in doing business with the mainland, Hong Kong is ideally placed to serve foreign insurers who wish to enter the Chinese mainland market.
He said that in common with other leading international financial centers, Hong Kong is working hard to enhance its corporate governance standards, and will continue to work closely with the industry to enhance transparency of the market.
(Xinhua News Agency March 25, 2003)
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