disaster risk financing

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Asian governments encouraged to use more risk transfer by ADB

Disaster risks and costs are on the rise in Asia, a region where under-insurance is still the norm and spending by government's on contingent sources of disaster risk financing relatively scarce, leading the Asian Development Bank (ADB) to call for more to be done.Among the issues cited as requiring more read the full article →

United Nations initiatives look to parametric & index insurance for Pacific islands

A group of United Nations backed initiatives are looking to expand the use of parametric or index insurance and reinsurance in the Pacific region, with a study expected to identify new use-cases and possibilities to drive uptake.The Pacific islands are not strangers to parametric insurance, having a World Bank supported read the full article →

World Bank to expand parametric risk transfer for Pacific Islands

In supporting the Pacific Island nations on their road to resilience, the World Bank aims to expand the availability of parametric disaster insurance protection, partly through the use of private capital, while expanding the range of parametric insurance products available in the region as well.Recently, the World Bank, alongside German read the full article →

Philippines gets $500m for typhoon Mangkhut from World Bank CAT DDO 2

The Philippines is to benefit from a payout of almost $500 million to assist with its recovery from recent typhoon Mangkhut, as the countries catastrophe contingent line of credit provided by the World Bank has been triggered.The Philippines entered into a $500 million arrangement with the World Bank to support read the full article →

World Bank extends parametric insurance grant to Marshall Islands

The World Bank has approved a $2.5 million grant that will pay the Republic of the Marshall Islands premiums for parametric disaster insurance coverage under the Pacific Catastrophe Risk Assessment and Finance Initiative (PCRAFI).The grant is designed to support that Marshall Islands goal of strengthening its resilience to natural disasters, read the full article →

Romania seeks World Bank Catastrophe Deferred Drawdown Option (Cat DDO)

A project is now underway that may see the country of Romania as the next in line to benefit from a Catastrophe Deferred Drawdown Option (Cat DDO) instrument from the World Bank, as the government of the country seeks to enhance its disaster risk financing support.The Catastrophe Deferred Drawdown Option read the full article →

New parametric reef insurance & resilience product to be developed

A new initiative to develop a parametric insurance product to protect and enhance the resilience of coral reefs and the communities that rely on them is being developed by Willis Towers Watson through its Global Ecosystem Resilience Facility (GERF) and the Mesoamerican Reef Fund (MAR Fund).An agreement has been reached read the full article →

Kenya in line for World Bank Catastrophe Deferred Drawdown Option

The African nation of Kenya is the next country in line to benefit from a Catastrophe Deferred Drawdown Option (Cat DDO) from the World Bank, with a project underway to deliver a $200 million disaster risk financing arrangement including a catastrophe contingent line of credit, alongside development financing.The Catastrophe Deferred read the full article →

ADB hires Kessler from Swiss Re for disaster risk insurance role

The Asian Development Bank (ADB), a financial institution that supports economic growth and cooperation in the Asia-Pacific region, has hired Thomas Kessler, a long-time Swiss Re executive, into a newly created role focused on disaster risk insurance and financing.Thomas Kessler has been hired by the Asian Development Bank (ADB) to read the full article →

Parametric Pacific facility to expand risk pool, product offering

The Pacific Catastrophe Risk Insurance Company (PCRIC), a parametric insurance facility for the Pacific Island nations which is supported by the World Bank and others, is hoping to expand its risk pool with the addition of new members and also through the creation of new risk transfer products.Currently the Pacific read the full article →