Importance of marine insurance to Hong Kong cluster underlined at HK Maritime Week

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Speaking at a seminar co-organised by IUMI (International Union of Marine Insurance) during last week’s Hong Kong Maritime Week, the HK Secretary for Transport and Logistics, Mr Lam Sai-hung underlined what he called the “vital role” played by marine insurance in the city’s shipping cluster.

“We have a flourishing marine insurance market, with more than 80 local and foreign insurance companies that offer a broad range of marine insurance products,” he said. “Over the past 10 years, gross premiums on ships, damage and liability in Hong Kong witnessed a cumulative growth of 72 per cent, amounting to over HK$3 billion (close to US$400 million) in 2022.

“Protection and indemnity (P&I) associations are active in Hong Kong. Twelve out of the 13 members of the International Group of P&I Clubs have a presence in Hong Kong, which is the largest cluster of representatives outside London. And let’s not forget the Asia Hub, established by the IUMI since 2016, which marks the organisation’s first permanent presence outside Europe.

“Hong Kong’s strong core of ship owners/operators and world-leading ship registration would no doubt generate demand for and bring ample business opportunities to the maritime business services, including marine insurance,” he concluded.

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