On the 18th, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Xu Zhengyu, stated in his blog that data from 2024 shows that Hong Kong has the highest insurance density in Asia and the second highest in the world, with an insurance penetration rate of 18.2%. Xu Zhengyu stated that as an international financial center, Hong Kong continues to promote the steady development of the insurance market with advantages such as tax incentives, professional talents, a large market network, and improved financial infrastructure. At present, there are about 160 authorized insurance companies in Hong Kong, as well as 3 international insurance groups that use Hong Kong as their regulatory base. The total gross premium for 2024 reached HKD 637.8 billion, with a year-on-year increase of 21.4% in premiums for new long-term business policies. Xu Zhengyu believes that this not only demonstrates the high risk protection awareness of Hong Kong citizens, but also confirms the maturity of the Hong Kong insurance market, which can provide comprehensive risk management solutions for various commercial activities. Xu Zhengyu said that in the future, the SAR government and the China Insurance Regulatory Commission will continue to create a favorable development environment for the insurance industry, including actively contacting Hong Kong, mainland China, and international enterprises with the potential to establish exclusive self insurance companies, introducing the advantages of related businesses and legal and regulatory frameworks. Xu Zhengyu emphasized that in the future, the SAR government will continue to deepen the interconnection between the financial markets of mainland China and Hong Kong, promote the high-quality development of the insurance market in the Guangdong Hong Kong Macao Greater Bay Area, and actively promote the advantages of Hong Kong's insurance industry to the international market. (New Society)