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HKU Urges Climate Insurance Expansion

by Celia

The University of Hong Kong’s (HKU) Business School has issued a call for urgent policy measures to address climate risks in its Hong Kong Economic Policy Green Paper 2025. One of the key recommendations is the development of a climate catastrophe insurance and reinsurance market to mitigate the increasing threats posed by climate change.

As Hong Kong grapples with the intensifying effects of climate change, the city’s insurance sector faces growing challenges. These challenges, as outlined in the Green Paper, stem from the combined risks of severe typhoons and rising sea levels, both of which pose significant threats to public housing and critical infrastructure.

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The paper’s article, “Transform Climate Risks to Development Opportunities—Implications for Hong Kong’s Economic Development in an Era of Climate Change,” reveals that the financial losses from rising sea levels could potentially exceed those caused by typhoons, particularly under high carbon-emission scenarios.

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In response, the report advocates for the expansion of the climate catastrophe insurance market as a means to enhance resilience to these escalating risks. Furthermore, HKU Business School emphasizes the importance of integrating climate-adaptation technologies and fostering early-stage climate-tech startups. These efforts could significantly increase the insurance industry’s capacity to address emerging climate-related risks.

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