Financial Services Minister Chris Bowen has identified greater scope for the provision of Australian insurance services to overseas markets.

In a speech to the Australian American Leadership Conversation in New York last week, Mr Bowen spoke of Australia’s relatively large finance and insurance industries, which he says have “traditionally been domestically focused, with minimal revenue coming from overseas”.

Finance and insurance services exports comprised just 3% of total services exports in the September quarter of 2009, and less than 1% of total exports.

“Future demographic changes across the world will present opportunities for Australia to increase our financial services exports, including to the US,” Mr Bowen said.

He says the Henry tax review will help the Federal Government make the necessary policy adjustments to establish Australia as a financial services hub.