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The government of the Philippines has launched a pilot indemnity insurance arrangement to cover government assets totalling almost US $14.4 billion, but in another signal that the country may not return to the catastrophe bond market again anytime soon, it has used an excess payout from its matured cat bond to fund the new insurance […]

The Government of the Philippines is not currently planning to revisit the catastrophe bond market to replace its matured cat bond issuance, its Treasurer Rosalia de Leon told a local news outlet.

The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg.

The Philippines will be the beneficiary of a $600 million funding from the World Bank to help enhance its financial sector, with the ongoing development of its catastrophe insurance marketplace a key target.

The calculation agent for the Philippines government’s World Bank issued IBRD CAR 123-124 catastrophe bond has now completed its analysis of recent super typhoon Noru’s winds and concluded that the storm wasn’t a triggering event and so no losses of principal will be suffered by investors in the cat bond notes.

The notes associated with the remaining $97.5 million of principal from the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond that is exposed to tropical cyclones have now been marked down implying a total loss is expected by the market after super typhoon Noru, Artemis has learned.

Given the significant impacts of recent super typhoon Noru, locally known as Karding, which made landfall in Luzon on September 25th, we’ve learned that the Bureau of the Treasury of the Republic of the Philippines has now issued a notice to request its World Bank issued IBRD CAR 123-124 catastrophe bond undergo another event calculation […]

Twelve Capital, the insurance-linked securities (ILS) and reinsurance linked fund manager, agrees with other opinions that recent super typhoon Noru may cause a default of the Philippine government’s World Bank facilitated IBRD CAR 123-124 catastrophe bond.

The Philippines World Bank facilitated catastrophe bond is deemed “likely to default” after the landfall and impacts of super typhoon Noru, according to investment fund manager Plenum Investments.

In the space of just 24 hours, typhoon Noru has explosively intensified into super typhoon Noru as it approaches the Philippines and now packing sustained winds of more than 150 mph the storm is a potential threat to the countries World Bank facilitated catastrophe bond.