Regulator the PRA still aiming for ILS “take off” in the UK

The UK’s Prudential Regulation Authority (PRA) of the Bank of England is continuing to work to simplify its approach to insurance-linked securities (ILS), still hoping the reinsurance market segment will “take off” in the country. Speaking in March, Shoid Khan, a director of insurance supervision at the Prudential Regulatory Authority, explained that the goal is […]

ECB & EIOPA call for EU cat bond issuance platform

A new paper from the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) highlights the potential for increased use of catastrophe bonds to support the overall supply of catastrophe insurance across the European Union (EU), as climate change threatens to widen the protection gap. According to the joint discussion paper, […]

ESMA said not in discussion on cat bond eligibility for UCITS funds

For a few weeks now we’ve been hearing rumours and receiving messages from contacts related to the fact the European Securities & Markets Authority (ESMA), a financial regulator, had restarted an exploration of catastrophe bonds and whether they should be an eligible asset for UCITS investment funds. Previously, the European Securities & Markets Authority (ESMA), […]

Singapore extends ILS Grant Scheme three years to end 2025: MAS

The insurance-linked securities (ILS) grant scheme in Singapore has been a significant help in the country attracting catastrophe bonds and other ILS activity and it has now been extended by a further three years, to run until the end of 2025. Singapore began its focus on insurance-linked securities (ILS) as a business opportunity around 2016, […]

Hong Kong to extend ILS Grant Scheme by two years

The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]

Development roadmap for Hong Kong insurance revealed at IA event

A development roadmap for the insurance sector in Hong Kong has been unveiled at a recent event held by the Insurance Authority (IA). At the event, the Government revealed details about a development roadmap for the insurance sector, expounded by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, and Clement Cheung, […]

Great Wall Re cat bond issued in Hong Kong for PICC P&C

Chinese domestic insurer PICC Property and Casualty Company Limited has sponsored a $32.5 million Great Wall Re Limited deal to provide it with earthquake reinsurance in the third catastrophe bond issuance to be domiciled in and issued out of the Hong Kong market. PICC P&C set up Great Wall Re as a special purpose insurer (SPI) […]

Great Wall Re catastrophe bond issued in Hong Kong for PICC P&C

Hong Kong now has its third catastrophe bond, after Chinese domestic insurer PICC Property and Casualty Company Limited sponsored a $32.5 million Great Wall Re Limited deal, to provide it with earthquake reinsurance in China. We reported earlier this week that the third catastrophe bond transaction to be issued out of Hong Kong was in the […]

Third Hong Kong catastrophe bond “in the pipeline”

The third catastrophe bond transaction to be issued out of Hong Kong is now “in the pipeline” according to the Chairman of the Hong Kong Insurance Authority. One of the key initiatives for the regulator in 2022 has been to improve the attractiveness of Hong Kong as a platform for the issuance of insurance-linked securities […]

IMF: Swapping Debt for Climate or Nature Pledges Can Help Fund Resilience

Innovative debt swaps can help governments that have limited access to traditional grants or debt relief Countries that are most vulnerable to climate change—and the associated loss of natural biodiversity—are often those least able to afford investment to strengthen resilience because their budgets are burdened by debt. Such countries face a high risk of fiscal […]

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