The Government of the Hong Kong Special Administrative Region and the Insurance Regulatory Authority (IRA) announced on the 28th that the World Bank has issued insurance linked securities totaling US $350 million (approximately HK $2.75 billion) in the form of catastrophe bonds in Hong Kong for the first time. The Hong Kong Stock Exchange held a gong striking ceremony on the same day to celebrate the first listing of insurance linked securities. The SAR government introduced that this bond will provide protection for Chile's earthquake risk related losses in the next three years. The Financial Secretary of the Hong Kong SAR Government, Chen Maobo, said that this listing proves Hong Kong's status as an international financial center and the vigorous development of Hong Kong's insurance industry. The SAR government supports the Hong Kong insurance industry in providing more and more comprehensive products and solutions to help national and global market participants better manage related risks. (Liao Xinshe)