volcanic risk

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Red Cross making volcano cat bond progress

The Danish Red Cross and International Federation of Red Cross and Crescent Societies are making progress with their first ever catastrophe bond transaction, revealing a tiered trigger structure designed to ensure that impactful volcanic eruptions cause the cat bond to pay out.The international humanitarian movement announced last year that it read the full article →

Indonesia tsunami insured loss estimated at $1.1 billion

The insurance and reinsurance industry may shoulder as much as $1.1 billion of claims for damage following the tsunami that struck Indonesia after the eruption of the Anak Krakatau volcano.The volcano-triggered tsunami is thought to have killed more than 430 people and caused significant damage to coastal areas, damaging hundreds read the full article →

Red Cross aims to sponsor first pure volcano cat bond

International humanitarian movement the Red Cross is looking to the capital markets and the potential issuance of a parametric catastrophe bond to protect against volcanic risks, according to Adam Bornstein.Adam Bornstein is an innovation finance specialist working in the Global Innovative Finance Team, a new unit of the International Federation read the full article →

Sompo Japan to launch parametric volcanic risk insurance

One of the largest Japanese domestic insurers, Sompo Japan Nipponkoa Insurance, is planning to offer travel or tourism companies and other potentially affected industries a parametric insurance product that pays out on a heightened threat of volcanic eruption.The parametric volcanic eruption insurance will payout based on the Japan Meteorological Agency read the full article →