Speaking at the 20th Singapore International Reinsurance Conference (SIRC), Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore, explained that multilateral development banks have a key role to play in bringing scale to insurance-linked securities (ILS) issuances in Asia.
During his speech, the Deputy PM of Singapore noted that across the 28 catastrophe bond issuances in Singapore over the past 5 years since it established itself as one of Asia’s ILS hubs, 13 cat bonds have covered perils in Asia, providing US $1.6 billion in coverage.
But Mr Gan said, “Whilst this is a good start, Asia currently accounts for less than 5% of the global catastrophe bond market.”
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