Hong Kong's Insurance Authority (IA) is preparing a governance framework for the use of artificial intelligence in the insurance sector. Its chief executive, Clement Cheung, confirmed this in a keynote at Hong Kong FinTech Week on 2 November 2026. Insurance Business Asia reports that the IA has not given a release date and has not said what obligations the framework will place on insurers and brokers.
Cheung described an AI strategy for the sector in three parts: governance, the deployment of AI solutions, and talent. Asia Insurance Review reports that the IA wants the framework to support responsible and inclusive innovation, and to balance supervision with the development of the industry. The strategy is linked to Hong Kong's First Five-Year Plan for innovation and technology.
The IA's AI Cohort Programme has incubated more than 800 AI use cases. Its workshops that match insurers with technology suppliers have engaged more than 400 industry participants. Each core participant must set up an AI Centre of Excellence in Hong Kong, build AI skills in-house and sign a pledge on responsible use. Insurance Business Asia names AIA Group, AXA Hong Kong and Macau, FWD Group, HSBC Life (International), Prudential Hong Kong and Manulife (International) among the programme's 10 core participants. The IA has not published how the 800 use cases divide across business lines.
Cheung also said that AI, supported by reliable data and better modelling, could help the industry widen protection against climate risks. Elsewhere in the region, the Monetary Authority of Singapore issued guidelines on AI risk management for financial institutions on 7 October 2026. They take effect on 7 October 2027.
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Insurance Business Asia ↗News publisher · 3 Nov 2026
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