With the recent completion of Hong Kong headquartered reinsurance firm Peak Re’s first cat bond, which was domiciled in the country, traction continues and the Government sees an opportunity to help broaden out Hong Kong’s financial services base with ILS.
Financial Secretary Chan commented that, “In recent years, the risks brought by global climate change to human social and economic activities have been increasing, and various financial instruments and alternative investments that can effectively transfer related risks are gradually being valued by the market.”