Hong Kong has a well-established investment environment suitable for insurance business, and the government support for the development of insurance and reinsurance services across the GBA makes it one of the most dynamic and open markets in the world.
As an international wealth management hub that attracts high-net-worth individuals and multinational companies, Hong Kong offers unique opportunities for providers of primary insurance and reinsurance services. To strengthen its position in the Asian market, the global reinsurance company, Munich Reinsurance, has reinforced its foothold in the city. With a strong track record of providing innovative reinsurance solutions and risk management services, the company aims to tap into the region’s burgeoning insurance market and leverage Hong Kong’s robust financial ecosystem.
Tapping into Opportunities across the Region
Originally established in Germany, Munich Reinsurance has been operating a branch office in Hong Kong since 1962. The city’s strategic geographic location has made it an ideal location for the company to serve clients from across the region, including in Hong Kong, Macao, Taiwan, Greater China and Southeast Asia through various group members in each market.
In particular, Munich Reinsurance has been able to capitalise on Hong Kong’s position as a bridgehead for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which is home to more than 450,000 high-net-worth families with combined investable assets estimated at almost RMB3 trillion. “The city has a well-established investment environment suitable for insurance business, and the government support for the development of insurance and reinsurance services across the GBA makes it one of the most dynamic and open markets in the world,” Breeze Tang, Head of Private Bancassurance, Greater China of Munich Reinsurance, said.
A Place to Innovate and Grow
Aside from acting as a gateway for companies to capture regional opportunities, Hong Kong also offers the freedom, stability and infrastructure for businesses to continually push themselves to reach new heights.
“Hong Kong is a market full of innovation and encouragement for exploration,” Tang said. “The city’s forward-looking regulatory environment empowers companies to develop new financial products and services. It also provides plenty of networking and ideas-sharing opportunities through entities such as InvestHK that further fuel growth and innovation.”
“We are looking forward to seeing Hong Kong become the world’s leading wealth management hub soon,” Tang said. “As a company established to innovate and provide business solutions for the whole value chain of the insurance industry, exploring business opportunities in Hong Kong with other Munich Re group members allows us to take advantage of the GBA, reform our client journeys for better experience and satisfaction, and also promote the efficiency of insurance transactions and commercial performance of local insurance players.”
