Hong Kong has the potential to become an international hub for marine insurance and related business if it introduces tax incentives and rules that make it easier for insurance companies to raise capital, according to a major US insurance brokerage.
In an exclusive interview with the Post, Willis Towers Watson CEO Karl Hess said, “Hong Kong has a beautiful port, which is why the shipping industry and marine insurance companies are doing business in Hong Kong.” It’s a natural choice.” When I visited the city last week.
CEO John Lee Katju said in his third policy speech on October 16 that the government will exempt ship leasing businesses from tax, and will extend tax exemptions to marine insurance, ship management, shipping agents, and ship brokerage. He said he would offer tax breaks to those affected.
According to government data, Hong Kong has a fleet of 2,600 ships with a total weight of 130 million tonnes, making it the world’s fourth-largest ship registry after Panama, Liberia and the Marshall Islands. There are 82 certified marine insurance companies in the city.
Mr Hess said Hong Kong’s shipping industry, in parallel with the measures announced in the policy speech, would help Hong Kong develop as a shipping and international insurance center.
Carl Hess, CEO of Willis Towers Watson, visited Hong Kong last week to celebrate the company’s 50th anniversary in the city. Photo: Enoch Yu
However, he said the government also needs to implement policies to attract insurance and shipping talent by teaching relevant courses at universities and importing talent through the immigration system.
