In this article in the South China Morning Post and the EMEA Tribune, Guy Carpenter’s Tony Gallagher, CEO, Asia Pacific, discusses how Hong Kong has potential to be a center of the catastrophe bond market. One focus cited is that the city’s property and car owners may not have sufficient cover against natural disasters, given recent data.
“Hong Kong had heavy rain a few months ago, but amazingly the insurance loss is actually relatively small when compared with other markets,” Gallagher said during a panel discussion at the Asia Insurance Forum.
Tony goes on to explain how Hong Kong can develop its presence in the cyber market.
“Globally, this business is growing enormously,” he said. “In Asia, it is relatively small in Hong Kong now. In America and Europe, it is a billion-dollar business. It is an opportunity for Hong Kong to develop cybersecurity insurance products in the next five to 10 years.”