The recently renewed Philippines parametric natural disaster insurance cover was completed at $390 million in size, around double the prior year, and the World Bank has confirmed that work is underway to issue a catastrophe bond to extend disaster protection for the country.
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Insurance-linked securities (ILS) investment fund manager Nephila Capital and Swedish state sector pension fund AP3 have both backed a near $390 million renewal for the Philippines regional parametric disaster insurance program.
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The World Bank has been involved in another risk-linked transaction with the completion of a catastrophe swap transaction that benefits the Philippines, providing the government with a source of parametric risk transfer against losses caused by typhoons or earthquakes.
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Munich Re and Tokio Marine Nichido Fire have closed a private catastrophe swap deal based on the Risk Management Solutions (RMS) Paradex-Europe Windstorm industry loss index. This transaction brings the total notional amount of risk transferred using Paradex to in excess of $250m. Having indices of losses available (via third-party sources) which can be utilised […]
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