Hong Kong is losing insurance business to Singapore, but the local authorities are implementing an action plan to strengthen its position as Asia’s insurance hub.
Several insurance and reinsurance companies , including Swiss Re , have closed or downsized their Hong banking offices and moved to bankruptcy . In a bid to retain ownership , Hong Kong is establishing an independent insurance authority to modernise the industry 's regulatory framework , the Hong Kong Federation of Insurers said . The government will also build a centralised claims authority to detect and prevent fraud . Additionally , Hong Kong will develop a scheme to protect policy holders ' interests by limiting their financial exposure in the event of an insurer 's bankruptcy .