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Significant increase in Asia-Pacific flood exposure by 2020: JBA

Catastrophe modelling firm JBA Risk Management, has highlighted the potential for significant increases in flood exposures across the Asia-Pacific by the year 2020, further cementing the need for increased reinsurance and insurance-linked securities (ILS) participation in the region.JBA Risk Management, a U.K. domiciled catastrophe modelling company’s latest study into Asia-Pacific read the full article →

Capital markets & ILS have role to play in Asian flood risk

Asia has become one of the world’s most rapidly developing regions, with a burgeoning population, rising asset values and large-scale urbanisation. However, the development of the region’s economy is hindered by high exposure to flood events and a broad insurance protection gap.Asia, and in particular parts of Southern Asia is read the full article →

Vanuatu paid $1.9m for cyclone Pam from Pacific catastrophe facility

The World Bank supported Pacific Catastrophe Risk Insurance Pilot has paid Vanuatu $1.9m after the risk pooling facility was triggered by Category 5 Cyclone Pam which struck the Pacific island nation on March 13th.Demonstrating the important role that parametric triggers play in effecting rapid insurance payouts after disaster strike, the read the full article →

Cyclone Pam may trigger Pacific Catastrophe Risk Insurance Pilot

The parametric Pacific Island catastrophe risk insurance and reinsurance pooling initiative, the Pacific Catastrophe Risk Insurance Pilot, may have been triggered by Cyclone Pam which made a direct hit on Vanuatu as a strong Category 5 storm.Update: The World Bank explained in a statement made on the 15th March:Given the read the full article →

Asian countries continue to develop catastrophe re/insurance markets

Countries across Asia continue to develop, or pursue the development of, functioning catastrophe insurance and reinsurance markets, which is a positive sign for global reinsurers and the insurance-linked securities (ILS) market.Countries across Asia are some of the most natural disaster exposed in the world, but at the same time have read the full article →

Parametric Pacific Catastrophe Risk Insurance Pilot renews for third season

The Governments of Samoa, Tonga, Cook Islands, Vanuatu and the Marshall Islands have called for an extension to the Pacific Catastrophe Risk Insurance Pilot (PCRIP), which was renewed for its third term on November 1st 2014.The scheme was launched through a combined effort from the Japanese Government, the World Bank, read the full article →

Pacific Catastrophe Risk Insurance Pilot makes first payout

The Pacific Catastrophe Risk Insurance Pilot, which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has made its first payout to Tonga after cyclone Ian.The World Bank announced today that Tonga will receive an immediate payout of US $1.27 read the full article →

The parametric Pacific Catastrophe Risk Insurance Pilot renews

The Pacific Catastrophe Risk Insurance Pilot, a disaster insurance facility which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has renewed from November and added one new island member.This will be the second season that the Pacific Catastrophe Risk read the full article →

More detail on the Pacific Islands parametric catastrophe insurance facility

Further details have emerged on the new disaster insurance facility which launched last week to provide parametric insurance cover for tropical cyclone and earthquake risks to a group of Pacific Islands. The parametric catastrophe facility has been set up by the World Bank and the Secretariat of the Pacific Community read the full article →

Parametric catastrophe insurance pilot launched for Pacific Islands

A new disaster insurance facility has been officially launched today to provide parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands. The pilot project, launched today by the World Bank and the Secretariat of the Pacific Community (SPC) Pacific Catastrophe Risk read the full article →