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Inaugural cat bond a clear vote of confidence in Hong Kong: Regulator

The inaugural catastrophe bond issuance in Hong Kong is a clear vote of confidence in the Special Administrative Region (SAR) and a sign of the exciting opportunities that lie ahead, according to regulator the Insurance Authority (IA). The implementation of Hong Kong's insurance-linked securities (ILS) regulatory regime and the legislation necessary read the full article →

Local investors took meaningful chunk of Greater Bay Re cat bond: Aon

The first catastrophe bond to be issued out of Hong Kong positions the emerging insurance-linked securities (ILS) domicile as a gateway to global institutional capital for China's risk transfer and reinsurance needs, according to Aon Securities, who also highlighted that local investors participated in the transaction. Aon Securities, the capital markets read the full article →

Catastrophe bonds broaden China’s risk diversification channels: China Re

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. Last week we reported that China Re had successfully read the full article →

First Hong Kong cat bond, Greater Bay Re gets China Re $30m of typhoon cover

The very first catastrophe bond to be issued out of Hong Kong has now been completed, with a $30 million Greater Bay Re Ltd. (Series 2021-1) cat bond coming to market on behalf of sponsoring reinsurer China Re. The transaction actually completed in September, but has only come to light this read the full article →

China regulator calls on insurers to sponsor cat bonds in Hong Kong

China's insurance regulator has called on insurers in the country to look to sponsor catastrophe bonds in Hong Kong as a way to access diversified sources of reinsurance capacity and offload peak natural catastrophe risks. The China Banking and Insurance Regulatory Commission (CBIRC) said in a notice that domestic Chinese insurers read the full article →

China urges focus on disaster insurance product development

The Chinese government via its regulator has urged its insurance and reinsurance industry to focus on developing new products for disaster risk transfer and to help in covering more of the natural catastrophe risk in the country, given the current evident protection gap that exists. Recent flooding in Henan province in read the full article →

China’s Henan floods a record industry loss, show need for reinsurance

The recent severe flooding in China’s Henan province is expected to result in the largest catastrophe insured losses in history for the country, clearly demonstrating the need for more reinsurance protection, as well as faster roll-out of primary covers. AM Best said yesterday that it anticipates insurance and reinsurance industry losses read the full article →

Insured losses from China’s Henan floods could exceed $1.25bn, says Fitch

The recent severe flooding in China's Henan province is expected to suppress underwriting margins for the China non-life insurance and reinsurance industry in 2021, with total industry losses expected to exceed US $1.25 billion, according to Fitch Ratings. At this level of insurance and reinsurance industry loss, it would account for read the full article →

China’s Henan floods: Tens of thousands of claims filed, typhoon In-Fa follows

China's province of Henan has been hit by what is being termed a 1-in-1000 year flood event, after a year's worth of rainfall fell in just three days. But the insurance and reinsurance market claims impact may be most severe on the auto side, rather than property claims, while supply-chain read the full article →

Could be ‘several’ Hong Kong cat bonds by year-end: Anger at ILS Asia 2021

With Hong Kong now established as a regulated domicile for insurance-linked securities (ILS) and catastrophe bonds, there could be several issuances out of the region by the end of 2021, according to Cory Anger, Managing Director of GC Securities. On the final day of our virtual ILS Asia 2021 event, in read the full article →