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Singapore’s ILS grant scheme extended to end of 2022: MAS


The Monetary Authority of Singapore (MAS) has extended its insurance-linked securities (ILS) grant scheme to the end of 2022, as Singapore looks to build on recent positive momentum and attract more catastrophe bond issuers to its shores.

Singapore skylineSpeaking today at our Artemis ILS Asia virtual conference, Mr. Benny Chey, Assistant Manager Director (Development and International) at the Monetary Authority of Singapore (MAS), announced the extension of the ILS grant scheme until December 31st, 2022, alongside the region’s desire to expand the range of ILS products available beyond cat bonds.

Launched in February 2018 to encourage ILS issuances in Singapore and to develop the region as Asia’s leading hub for ILS business, the ILS grant scheme funds 100% of certain upfront issuance costs of catastrophe bonds in Singapore.

In his welcome speech at the 2020 Artemis ILS Asia event, Chey explained that the grant has been well received by the industry and that take-up has been very good.

“On the back of a strong pipeline of industry interest to issue the next wave of catastrophe bonds in Singapore, and to ensure that we maintain this positive momentum, I am also pleased to announce today that MAS will be extending our ILS grant scheme for an additional two years, until 31st December 2022.

“The ILS grant scheme, which funds 100% upfront issuance costs of catastrophe bonds in Singapore, up to 2 million Singapore dollars, will continue to help issuers focus on the merits of growing this asset class, while removing the near-term frictional costs of issuances in Singapore,” said Chey.

Since the launch of Orchard ILS Pte Ltd in Feb 2019, the first cat bond sponsored by IAG and also the first issued using a Singapore domiciled Special Purpose Reinsurance Vehicle (SPRV), Singapore has now supported nine cat bond issuances, a number just in recent months.

Chey added that Singapore continues to have ambitions to grow the Asian ILS sector and strengthen the global ILS ecosystem, and will continue to explore ways to improve its regimes to support a wider range of ILS risks, such as pandemic, cyber, and climate risks, as well as structures, such as industry loss warrants (ILW), reinsurance sidecars, and collateralised reinsurance.

“The Singapore exchange is assessing the feasibility of introducing a platform for the listing of catastrophe bonds. We are also keen to grow a vibrant ILS ecosystem based in Asia, to service Asian risks and clients, including structurers / arrangers, modelling firms, lawyers, advisors, loss reserve specialists, and ILS fund managers,” said Chey.

“So, in closing, I warmly invite the global ILS community, as well as sovereign and international entities in the region and around the world, to partner with Singapore and be part of Asia’s ILS growth.”

As Singapore remains committed to positioning itself as a leading ILS hub in Asia, with a desire to expand its universe of ILS risks and structures, the extension of the grant scheme should stimulate continued and increasing interest in a region eager to build on recent positive momentum.

You can view Mr. Chey’s opening keynote from ILS Asia 2020 in full below:

We’re archiving every session from our online and virtual ILS Asia 2020 conference over on our YouTube Channel.

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