Details of the Pilot Insurance‑linked Securities Grant Scheme announced by the Insurance Authority
3 May 2021
The Insurance Authority (IA) today (3 May 2021) announced details of the two-year Pilot Insurance-linked Securities Grant Scheme (the Grant Scheme) promulgated in the 2021-22 Budget.
The Grant Scheme provides an incentive for insurance companies and organisations to issue insurance-linked securities (ILS) in Hong Kong, while efforts are being made in parallel to map out a new regulatory scheme for Special Purpose Insurers set up in this connection. Some relevant information on the eligibility criteria and sum of grants available is at Annex.
Mr Clement Cheung, Chief Executive Officer of the IA, expressed confidence by saying that “The Grant Scheme and new regulatory regime catapult Hong Kong into an attractive domicile for issuance of ILS, which will in turn help to enhance sustainable development of the insurance industry and reinforce our status as a global risk management centre.”