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The issuance of the first catastrophe bond through Hong Kong has helped to open up a new channel for risk diversification for the domestic catastrophe insurance market, according to the sponsor of the Greater Bay Re Ltd. (Series 2021-1), China Re Group.

China’s western region and in particular the municipality of Chongqing with its population of over 31 million, which includes the megacity of the same name, could benefit from cooperation on topics such as disaster insurance, with catastrophe bonds seen as an opportunity, according to the Singapore government’s Monetary Authority.

Rapidly expanding insured catastrophe and severe weather exposure in mainland China highlights the need for risk transfer instruments such as catastrophe bonds, which also presents an opportunity for Hong Kong’s ambitions to become a marketplace for insurance-linked securities (ILS).

The city of Shanghai in China is once again targeting catastrophe bonds as a new offering for its local insurance and reinsurance market, as insurance-linked securities (ILS) remain a risk transfer tool target for the regulator in the area.

The United Kingdom government has been courting China and trying to encourage the country to look towards the UK and its recently enacted insurance-linked securities (ILS) regulatory and tax framework as a vehicle to help China and its entities gain access to greater disaster insurance or reinsurance protection.

Two regulatory organisations in China have signed an agreement to establish a group to work on bringing the securitisation of catastrophe insurance risks to the country and to accelerate the adoption of catastrophe bonds for risk transfer needs.

What are the prospects for the use of catastrophe bonds as a tool for insurance and reinsurance risk transfer in China? Broker Willis Group provides some thoughts on what could be an ideal tool for transferring the nation’s massive natural disaster and weather risk.

Issuance of catastrophe bonds and the use of other weather-index based insurance and reinsurance solutions as tools to help China fight climate change is being called for  by its government.

Our regular readers will know that we try to keep abreast of discussions, news and announcements involving the potential use of catastrophe bonds, insurance-linked securities and innovative risk transfer instruments in new markets around the world. China is one of the markets where catastrophe bonds have been discussed both in relation to the countries domestic […]

In recent weeks we’ve written about a number of countries who have been discussing the possibility of issuing catastrophe bonds and insurance-linked securities as ways to protect themselves against the costs of a major natural disaster. We’ve seen the issue come up for discussion in governments in Taiwan, Israel, Korea, the Philippines, Australia, the ASEAN […]