On July 26, the Guangzhou Guangdong-Hong Kong-Macao Greater Bay Area (Nansha) Reform and Innovation Research Institute will, Guangzhou University Guangzhou Development Research Institute and Guangdong Province Regional Development Blue Book Research Institute jointly published the Guangdong-Hong Kong-Macao Greater Bay Area Blue Book: China Guangdong-Hong Kong-Macao Greater Bay Area Reform and Innovation Report (2022) (hereinafter referred to as the Blue Book).


According to the Blue Book, the Guangdong-Hong Kong-Macao Greater Bay Area has achieved significant development in many areas such as digitalization of financial services, diversification of financial industry, and mutual recognition and interoperability of financial products among Guangdong, Hong Kong and Macao, but there is still little progress in cross-border insurance services, and the study of "cross-border insurance pass" is still at a preliminary stage.

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The Blue Book team, through a special study of the Hong Kong SAR Government Economic and Trade Office in Guangdong and extensive in-depth interviews with insurance industry associations, insurance practitioners and policyholders in Guangdong, Hong Kong and Macao, believes that the Guangdong, Hong Kong and Macao Greater Bay Area can take advantage of the favorable conditions of building a comprehensive cooperation demonstration zone among Guangdong, Hong Kong and Macao in Nansha, Guangzhou, and take the lead in exploring a new cross-border insurance service model with online and offline linkages, and accelerate the development of cross-border insurance services under the premise of legal compliance. The development process of cross-border financial innovation and cooperation in the Greater Bay Area can be promoted. In this way, on the one hand, the Guangdong Pilot Free Trade Zone can better play the role of demonstration and leadership in promoting the in-depth synergistic development of Guangdong, Hong Kong and Macao in the Greater Bay Area and building a high-level opening gateway hub, and provide stronger support for the Greater Bay Area to participate in the domestic circulation and domestic and international dual circulation at a higher level. On the other hand, the implementation of the new model of cross-border insurance services in the Greater Bay Area with online and offline links can provide more efficient and convenient cross-border insurance services for the citizens of the Greater Bay Area and create more convenient basic conditions for compatriots in Hong Kong and Macao to integrate into the national development.


The new model of cross-border insurance service in Guangdong, Hong Kong and Macao Greater Bay Area refers to the exploration of online and offline linkage to provide more convenient and comprehensive services covering pre-sale, sale and after-sale for Guangdong, Hong Kong and Macao Greater Bay Area residents who need to purchase insurance in Hong Kong and Macao. Exploring and promoting a new model of cross-border insurance services is of great value to effectively curb the development of "underground insurance policies" and accelerate the collaborative development of Guangdong, Hong Kong and Macau.

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According to the Blue Book, promoting a new model of cross-border insurance services in Guangzhou Nansha is conducive to attracting young people from Hong Kong and Macao to work in the Greater Bay Area. This is because the insurance industry is an important career choice for young people in Hong Kong and Macau. The Guangdong-Hong Kong-Macao Greater Bay Area is a market with great potential and needs to be developed to provide more diversified development opportunities and broader employment space for young people in Hong Kong and Macau. On the other hand, it is conducive to retaining young people from Hong Kong and Macao to settle down in the Greater Bay Area. The communiqué of the 7th National Census shows that there are more than 370,000 Hong Kong residents living in the Mainland, accounting for 5% of the total population of Hong Kong. Providing these people with after-sales services such as renewal of premiums, policy changes and claims processing for overseas policies will enable young people from Hong Kong and Macau to better integrate into mainland life, build a sense of identity as "people of the Greater Bay Area", and promote the integration of the economies and livelihoods of Guangdong, Hong Kong and Macau, as well as comprehensive integration and development.