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Experts said that Hong Kong is likely to emerge as a hub for catastrophe bonds and insurance-linked securities, driven by increased urbanization along disaster-prone coastal regions in China, South China Morning Post reported. Tow Lu Lim, partner at law firm Mayer Brown J.S.M., said that Hong Kong's reinsurance market could also grow rapidly thanks to China’s plan to set up a new economic hub linking nine mainland cities with Macau and Hong Kong.