The availability of robust data sets and information on losses will be key for Hong Kong and China to deliver on their goals for insurance-linked securities (ILS) market development, according to speakers at a recent conference.
The first Hong Kong domiciled catastrophe bond, China Re’s $30 million Greater Bay Re Ltd. (Series 2021-1) typhoon cat bond, showed the reinsurer responding to the demands of major Chinese urban centres and utilising the new insurance-linked securities (ILS) platform in Hong Kong to access the capital markets.
Speaking at the Hong Kong Insurance Authority’s Asian Insurance Forum 2021 event recently, Hu Xiao, Vice Chairman and CFO, China Reinsurance (Hong Kong) Limited, explained that this was an important first step, in recognising synergies between Chin and Hong Kong’s financial market and is seen as particularly relevant to ambitions to create a green finance hub.
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