Conclusion 17 Asia holds promise for the next phase of growth for ILS given the region’s growing needs, and Singapore can play an important role to facilitate this growth as an ILS domicile. Today’s conference will provide an important platform for the industry to discuss such developments in the ILS market, and explore the key to harnessing the potential in Asia. 1 Schroders: Spotlight on catastrophe bonds 2 Disasters could cost Asia-Pacific region $ billion per year by 2030, UN warns, UNESCAP, 2018 3 High CAT risks, low penetration in Asia – only two ways out, AIR, 2017  4/4  BIS central bankers' speeches
In particular, total capitalisation grew very markedly until reaching a peak of $ trillion in November 2021, three times higher than the previous all-time high of 2017. The market is dominated by traditional cryptoassets; indeed, bitcoin and ethereum account for more than two-thirds of total capitalisation. In Spain, their transaction volume on some estimates amounted to around € billion in 2021.10 Yet they are also much less mature than is generally believed, and still, in aggregated terms this market only represents around 1% of the global financial system. At the same time, we should not overlook the fact that this market is already bigger than the subprime mortgage market was in the run-up to the global financial crisis. And the fact that trading volumes for some of the most representative assets types (including bitcoin, ether and tether) came, occasionally, close to those of the New York Stock Exchange (somewhere in between 70% and 95%). In any event, their high volatility is striking, as borne out by a cumulative loss of value of close to 40% in recent months. These fluctuations are often greater than those of other financial instruments and can also reach much more extreme values. Some studies have flagged the highly changeable nature of the factors underpinning crypto-asset prices and how these factors can be difficult to anticipate given the immaturity of the market.11 This  9  See, for example, N. Daskalakis and P. Georgitseas (2020), “An Introduction to Cryptocurrencies: The Crypto Market Ecosystem”, Routledge, London.