The Rise of Hong Kong as an Insurance Centre and the Industry’s Diversification
The Rise of Hong Kong as an Insurance Centre and the Industry’s Diversification
Between the late 1960s and the mid-1980s, Hong Kong's economy expanded at a breakneck pace. With the emergence of homegrown stock markets, a whole slew of global financial institutions rushed in, transforming the city into an international financial centre in Asia. The macroeconomic background has created an excellent business environment for the insurance industry. In the 1970s, few Hong Kong laws governed the industry. The lack of foreign currency controls in Hong Kong made it easy to move capital around. Therefore, it was no surprise that all kinds of insurers flooded the sector, including many from overseas. As a rash of foreign insurers entered Hong Kong's market in the 1970s, the following structural changes were evident: joint ventures between traditional local insurers and new foreign insurers, joint ventures between traditional local insurers and foreign newcomers, competition among the swelling ranks of small and medium-sized local insurers.
Keywords: Hong Kong, stock markets, financial institutions, insurance industry, foreign currency, joint ventures, local insurers, foreign insurers
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