Mr. Simon Lam, Executive Director, General Business at the Hong Kong Insurance Authority, expects the region’s new ILS regime to “hit the ground running” as mainland China’s insurance market growth continues apace.
With the issuance of Greater Bay Re Ltd., sponsored by China Re, expected soon as the first catastrophe bond to be issued out of Hong Kong, the insurance-linked securities (ILS) universe has a new domicile to choose from.
Like Singapore, Hong Kong’s regime offers a grant scheme which covers some of the issuance costs of cat bond transactions, something which has helped to attract sponsors to Singapore’s platform and which is seen as important for new domiciles to gain traction.
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