At a glance
Programme detail
Summary
Agency
Monetary Authority of Singapore (MAS)
Status
Open
Applicants
Qualifying issuers of prescribed insurance-linked securities
Support basis
Eligible upfront issuance and transaction costs
Catastrophe-bond ceiling
Up to S$1 million for qualifying bonds
Other award ceilings
Up to S$500,000 for qualifying collateralised reinsurance, sidecars and renewals
Programme window
1 January 2026–31 December 2028
What does it support?
The scheme supports prescribed insurance-linked issuance and risk-transfer structures completed through Singapore. The recorded categories include catastrophe bonds, collateralised reinsurance, sidecars and qualifying transaction renewals.
Who can apply?
Qualifying onshore and offshore companies and financial institutions issuing the prescribed instruments from Singapore may be eligible. MAS's instrument and transaction conditions apply. Confirm any ownership-related applicant conditions with MAS.
How does the support work?
Support varies by transaction category:
- Property catastrophe bonds: 70% of eligible costs for qualifying Asia-Pacific risk, or 50% for qualifying non-Asia-Pacific risk.
- Other qualifying catastrophe bonds: up to 70% of eligible costs.
- Collateralised reinsurance and sidecars: 70% of eligible costs.
- Qualifying renewals: 30% of eligible costs.
Qualifying catastrophe-bond support can reach S$1 million. The ceiling for qualifying collateralised reinsurance, sidecars and renewals is S$500,000. MAS should confirm the category, rate and cap for the proposed transaction.
What expenditure can qualify?
The support base is qualifying upfront issuance and transaction expenditure. It is not the notional value of the insurance-linked instrument or the underlying insured risk.
Key conditions
- Use an eligible instrument and qualifying Singapore issuance or transaction structure.
- Establish the relevant geographic-risk category where applicable.
- Distinguish new issuance from renewal support.
- Confirm eligible transaction counterparties and recognised Singapore service-provider requirements with MAS.
Timing and application process
The programme window runs from 1 January 2026 to 31 December 2028. Contact MAS through [email protected] for the instrument-specific application conditions and timing. Confirm the applicable submission deadline with MAS.
Important programme distinctions
The highest available percentage is not a universal rate for all ILS transactions. A renewal and a new catastrophe bond can have materially different support, and the insured-risk geography can affect the rate for property catastrophe bonds.