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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 →