ILS Grant Scheme extended until 2025 in Singapore

Lawrence Wong, deputy prime minister and minister for finance of Singapore, and deputy chairman of the Monetary Authority of Singapore, said that the country has extended its insurance-linked securities grant scheme by a further three years, until the end of 2025, Artemis reported. The authority is extending the scheme to support the continued growth of catastrophe bonds as well as other climate risk financing instruments such as sidecars and collateralised reinsurance arrangements. The $15 million Singapore ($11.25 million) grant can defray the cost of issuing catastrophe bonds.