Finance ministers from the Association of Southeast Asian Nations (ASEAN) group of countries are set to discuss disaster resilience and risk transfer at meetings scheduled for next week in Singapore, with the group looking to find ways to bring disaster risk financing up to speed.
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We’re told that the grant program established by Singapore to attract catastrophe bond issuers to the domicile could total more than US $1.5 million per issue for cat bond transactions that qualify, providing a very attractive cost saving to any sponsors considering the domicile as a home for their insurance-linked securities (ILS).
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Singapore has ramped up its focus on developing an insurance-linked securities (ILS) market, taken the radical step of offering an ILS grant that will fund 100% of the upfront costs incurred in issuing catastrophe bonds in the country and setting up a working group to explore opportunities for the country in ILS.
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