Hong Kong is set to challenge London’s dominance in marine insurance as Middle East tensions highlight the city’s ability to provide war-risk cover at a lower cost, according to the local insurance regulator’s chairman.
Stephen Yiu Kin-wah on Tuesday said the Insurance Authority had supported insurers in launching a special war-risk insurance pool last November, which now covered 10 mainland Chinese ships sailing in the Gulf.
The pool, backed by five Hong Kong insurers, offers up to US$130…