Captive Insurance

Facts of Hong Kong

Hong Kong is situated at the south-eastern tip of China and is ideally positioned at the centre of East Asia. The territory has an area of about 1,100 square kilometres and is made up of the Hong Kong Island, the Kowloon Peninsula and the New Territories including 235 outlying islands.

Hong Kong has an industrious population of over 6.9 million people, a substantial proportion of whom are well educated and possess an international outlook with entrepreneurial flair. Hong Kong's per capita GDP in 2006 was about US$27,600 over 80% of which comes from the service sector.

Heralded as the New York of Asia, Hong Kong is one of the world-class financial, trading and business centres within the Asian Region. It provides a sound and internationally respected legal system, a resilient, resourceful and efficient workforce, and a sophisticated and friendly business environment.

Most important of all, Hong Kong is one of the world's freest economies and the best place in Asia for overseas companies to do business. The Government is a staunch advocate of the free market economy. It has a reputation of being responsive to the specific needs of the different sectors of the business community. The financial system of Hong Kong is stable and competitive. It operates effectively within a regulatory framework which is sophisticated but transparent, predictable, supportive and highly adaptable. With regard to the insurance industry, Hong Kong's regulatory philosophy can be crystallized into the following maxim : "Market Leads, Government Facilitates".

After a century and a half of British administration, Hong Kong has become a Special Administrative Region of China since 1 July 1997. Under the Basic Law and the Sino-British Joint Declaration, the existing economic, legal and social systems will be maintained for 50 years until the year 2047.