Hong Kong Welcomes Issuance, Listing Of Catastrophe Bond By World Bank

The Hong Kong Special Administrative Region (HKSAR) government on Tuesday welcomed the issuance of insurance-linked securities (ILS) in the form of a catastrophe bond by the World Bank in Hong Kong with a size of 350 million U.S. dollars, offering protection against losses related to earthquake risks in Chile over the next three years

HONG KONG, (UrduPoint / Pakistan Point News - 28th Mar, 2023 ) --:The Hong Kong Special Administrative Region (HKSAR) government on Tuesday welcomed the issuance of insurance-linked securities (ILS) in the form of a catastrophe bond by the World Bank in Hong Kong with a size of 350 million U.S.

dollars, offering protection against losses related to earthquake risks in Chile over the next three years.

This is the first World Bank bond and the first catastrophe bond ever listed on the Hong Kong Exchanges and Clearing Limited (HKEX).

"It bears testament to Hong Kong's position as an international financial center and the vibrant development of the Hong Kong insurance industry," said Paul Chan, financial secretary of the HKSAR government.