The reward trip for the long-established insurance company’s top performers is expected to fill more than 10,000 hotel nights in Brisbane and inject $12.6 million to the local economy.

The bid was secured by Brisbane Economic Development Agency in partnership with Tourism Australia’s Business Events Bid Fund Program (BFP) and Tourism and Events Queensland (TEQ).

Lord Mayor Adrian Schrinner said the appointment comes as Brisbane’s appeal for events gains momentum across international markets.

“Brisbane is becoming an internationally acclaimed destination, with international travellers flocking to our city to see our fantastic tourism offerings for themselves,” Cr Schrinner said.

“This event is expected to inject an estimated $12.6 million directly into the local economy and reflects the city’s growing appeal for high-yield international business events.

“Come May 2024, the successful delegates will be among the first in the world to experience Queen’s Wharf – Brisbane’s new $3.6 billion world-class entertainment and lifestyle precinct.

“Between our premium event venues, urban adventures, breathtaking natural wonders and quintessential Australian experiences, Brisbane is a compelling destination for international business events.”

Anthony Ryan, CEO of Brisbane Economic Development Agency (BEDA), said Brisbane’s business events incentive strategy in attracting Asia-based incentive groups continues to deliver dividends for the city.

“We’ve seen an influx of global businesses turning to Brisbane to reward their top performers,” Mr Ryan said.

“We look forward to welcoming Cathay Life Insurance Taiwan, and we’re ready to showcase an abundance of new attractions, hotels, dining experiences, and cultural gems across Brisbane, ensuring an unforgettable trip for their delegates.”

Tourism Minister Stirling Hinchliffe said: “This is a rich reward for Cathay Life Insurance’s top 2,000 workers and Queensland’s visitor economy including hospitality providers and Brisbane’s world-class tourism operators.

“We know when business visitors get to know Queensland’s great lifestyle, they return with family and friends for the iconic holiday experiences our State is famous for.

“Business travel and conferences are a high-value investment in Queensland’s visitor economy with enormous potential for post-pandemic growth and worth $4.5 billion in the last year alone.

“Visitors mean good Queensland jobs and that’s why we’re continuing to invest in securing Australian and international business conference events.”

Tourism Australia Managing Director Phillipa Harrison said the Business Events Bid Fund Program continues to secure a strong future pipeline of international business events to Australia.

“Securing important bids to host incentive events like Cathay Life Insurance Taiwan is great for Brisbane and Australia and will deliver significant benefits to the $4.5 billion business events economy,” Ms Harrison said.

Mr. Shang-Chi Liu, General Manager of Cathay Life Insurance spoke about the Brisbane incentive.

“Cathay Life had its first large-scale incentive trip in Australia in 2000. We are very impressed by the culture and natural scenery of Brisbane, and we are looking forward to returning to this beautiful city and exploring it in depth.

“Brisbane's rich tourism resources help us to develop various itineraries and activities that are unique to us. The support and professionalism provided by Brisbane Economic Development Agency, Tourism and Events Queensland, and Tourism Australia has boosted our confidence in a successful incentive in Brisbane.”

In a competitive bidding environment, Brisbane was selected ahead of some popular cities in Europe and Asia in the final stage of the selection process.

Previous destinations have included Melbourne, Hawaii, and Japan, with the program last held in Australia in 2018.

Cathay Life Insurance, Taiwan’s largest insurance company, has eight million policyholders and services more than 20 million insurance policies in Taiwan. The insurer advocates for a transition from protection to prevention to engender a healthier society and for customers to utilise their policies as best they can.