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HK Insurance Authority reports 31% growth in local policy premiums

Hong Kong's long-term insurance sector, excluding retirement schemes, reported a 31% rise in new policy premiums in the first nine months, driven by returning mainland tourists and higher interest rates, according to Insurance Authority chairman Stephen Yiu Kin-wah. Speaking at a forum, Yiu highlighted the sector's crucial role in offering financial protection against the increasing frequency of extreme weather. The Hong Kong government's development blueprint for the insurance industry, unveiled last year, is set to boost financial sector synergy and enhance public risk management. Chief Executive John Lee Ka-chiu expressed optimism about the insurance industry's contribution to Hong Kong's economic growth amidst global uncertainties. The Securities and Futures Commission also acknowledged a growing demand for insurance in the face of rising risks in virtual asset markets.


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