Press Releases

Hong Kong to be home to global marine insurance union's Asian Hub24 October 2016Issued at HKT 11:35

The Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, has welcomed the International Union of Marine Insurance's decision to set up its Asian Hub in Hong Kong. The Asian Hub will be the Union's first offshoot outside its headquarters in Germany.

The Union announced the decision today (October 24) at the fourth Asia Marine Insurance Conference. After the announcement, Professor Cheung said, "The Union's move on the one hand recognises the increasing importance of Asia in the marine insurance industry, and on the other highlights Hong Kong's position as a prominent industry player in Asia."

He added, "The Asian Hub will promote the development of marine insurance in Hong Kong, as well as in the Mainland and the rest of the Asia-Pacific region, and connect with the industry around the region. By unleashing the unique advantages and soft power of Hong Kong's maritime industry, the Asian Hub will further raise Hong Kong's profile as a maritime services hub."

Professor Cheung pointed out that the national Belt and Road Initiative presents a wealth of opportunities to the maritime and insurance industries, and Hong Kong's flourishing marine insurance market makes available a full range of insurance services on offer by global providers.

He noted that the insurance sector, together with other high value-added maritime services of Hong Kong, underpins the sustainable development of the maritime industry.

The International Union of Marine Insurance is a key professional organisation representing the global marine insurance industry. Members of the Union include the Hong Kong Federation of Insurers, and major insurance associations in other countries. The Union provides an important forum for the industry to exchange ideas and views on issues of common interest.