China’s western region and in particular the municipality of Chongqing with its population of over 31 million, which includes the megacity of the same name, could benefit from cooperation on topics such as disaster insurance, with catastrophe bonds seen as an opportunity, according to the Singapore government’s Monetary Authority.

Speaking at the 3rd Singapore-China (Chongqing) Connectivity Initiative (CCI) Financial Summit this week, Ravi Menon, Managing Director at the Monetary Authority of Singapore highlighted disaster risk insurance and reinsurance as a key area for the two countries to cooperate on.

Singapore has opened its financial market to catastrophe bonds and insurance-linked securities (ILS) in recent years, successfully supporting nine catastrophe bond issues since early 2019.

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