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Singapore marks catastrophe bond milestone amid record issuance and returns

Nearly US$1 billion of renewals from three sponsors are in the pipeline

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Genevieve Cua

Genevieve Cua

Published Mon, Mar 11, 2024 · 06:00 AM
    • Catastrophe bonds help to fill protection gaps, especially as the impact of climate change intensifies and traditional insurance may be scarce.
    • Catastrophe bonds help to fill protection gaps, especially as the impact of climate change intensifies and traditional insurance may be scarce. PHOTO: EPA-EFE

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    SINGAPORE marks a fresh milestone in its ambition to become a hub for issuance of insurance-linked securities (ILS) in Asia.

    This year in January, three renewals of catastrophe (cat) bonds by MS Amlin Asia Pacific – with a total value of US$35.24 million – were listed on the Singapore Exchange (SGX). The renewals are a first for Singapore, which has been active in inaugural issuances. Amlin’s tranches, however, are icing on the cake.

    Over the next few weeks, some US$1 billion more in renewals is expected to launch and list on SGX. The renewals are by three insurers or sponsors to cover property risks in Japan, arising from natural calamities such as earthquakes and typhoons.

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