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Climate risks could drag on re/insurers annual profits by 10-15%: UK PRA’s Woods

Having now published the results of its Climate Biennial Exploratory Scenario (CBES), looking at the financial risks posed by climate change for the largest banks and insurers operating in the UK, the Bank of England believes that over-time climate risks could become a persistent drag on earnings. While projections of climate read the full article →

SEC’s climate risk disclosure rules to drive risk mgmt & transfer spend

As the US Securities & Exchange Commission (SEC) publishes a new set of proposed rules on climate risk disclosure, it's becoming increasingly clear regulating for climate risk reporting is going to drive risk management and risk transfer spend, with ramifications and opportunity for insurance, reinsurance and insurance-linked securities (ILS). Yesterday, the read the full article →

Vietnam joins World Bank’s SEADRIF disaster insurance facility

The Government of Viet Nam, through its Ministry of Finance, has signed a Memorandum of Understanding (MoU) to become the eighth member of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF). The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) was set up in December 2018 with support from the World Bank read the full article →

Tonga gets World Bank CAT-DDO funds for volcano & tsunami recovery

The Pacific Island nation of Tonga will receive a US $8 million payout disbursement from a World Bank arranged catastrophe contingent line of credit, under a Catastrophe-Deferred Drawdown Option, or CAT-DDO. Tonga and other islands in the region were severely impacted by the eruption of the Hunga Tonga volcano on January read the full article →

Philippines gets $80m from World Bank CAT-DDO, with more expected

The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. As we reported more than one week ago, the Philippines read the full article →

World Bank on notice for Philippines CAT-DDO after typhoon, but not for cat bond yet

We understand that the World Bank has been put on notice as the Philippines government hopes to trigger the $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. The Philippines government signed up to the $500 million catastrophe contingent line-of-credit back in read the full article →

Philippines gets $500m World Bank catastrophe contingent credit line

The Philippines has received more catastrophe protection with the help of the World Bank, as its government has signed up to another $500 million catastrophe contingent line-of-credit through a new Catastrophe-Deferred Drawdown Option arrangement, dubbed CAT-DDO 4. The Philippines has benefited from these novel catastrophe contingent credit arrangements before, having had read the full article →

World Bank CAT DDO pays out $20m for La Soufrière volcanic eruption

The Governments of Saint Vincent and the Grenadines have received $20 million in disaster risk financing support from the World Bank to aid their recovery from the recent eruption of the La Soufrière volcano, after a catastrophe contingent line of credit was triggered. The eruption of the La Soufrière volcano on read the full article →

World Bank CAT DDO’s triggered by coronavirus, disburse almost $900m

A number of countries have benefited from disbursements under World Bank provided catastrophe contingent lines of credit after the Covid-19 coronavirus pandemic triggered their Catastrophe-Deferred Drawdown Options (CAT-DDO's). The Catastrophe-Deferred Drawdown Option (CAT-DDO) is a financing instrument that acts a little like a parametric catastrophe bond, in that they provide a read the full article →

World Bank assists on parametric Asian infrastructure disaster insurance pool

The World Bank is working alongside the governments of Singapore and Japan to establish a disaster insurance pool to cover infrastructure risks for Asian countries, with the facility set to provide coverage from later this year. The infrastructure focused disaster insurance facility is expected to be managed by the Southeast Asia read the full article →