disaster risk financing

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G7 leaders commit to expand climate & disaster risk insurance

After a weekend of discussions in Cornwall, UK, leaders of the G7 (Group of Seven) economies have made a range of commitments to expanding climate and disaster risk insurance, alongside other climate financing pledges. Climate risk and resilience is one of the hottest topics for global leaders this year, the G7 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 →

Philippines Gov requests cat bond loss calculation for typhoon Goni

The Bureau of the Treasury of the Republic of the Philippines has issued notice to the calculation agent for its World Bank facilitated IBRD CAR 123-124 catastrophe bond transaction that it believes recent super typhoon Goni to be an applicable event that requires a calculation of the modelled losses to read the full article →

Typhoon Goni threatens partial loss for Philippines cat bond

The Philippines government’s World Bank facilitated IBRD CAR 123-124 catastrophe bond transaction is under threat from typhoon Goni, which may cause a partial loss of principal for investors in the cat bond if it maintains significant wind speeds as it approaches Manila. Update at the foot of this article. Super typhoon Goni, read the full article →

Tonga gets parametric disaster insurance payout for cyclone Harold

The Pacific Island nation of Tonga is to receive a $4.5 million payout from its parametric disaster insurance policy with the Pacific Catastrophe Risk Insurance Company (PCRIC), the largest payout to date from the regional catastrophe insurance facility. The Pacific Catastrophe Risk Insurance Company (PCRIC) is a regional catastrophe insurance platform 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 →

Cat bond gives Philippine government faster access to post-disaster funds

The recently completed first catastrophe bond for the Philippines provides its government with faster access to post-disaster funding, enabling it to respond more rapidly and effectively to support the needs of its citizens when the largest catastrophes strike. The Philippines government has made steady progress in setting up a layered, country-wide read the full article →

World Bank helps Vanuatu & Grenada to catastrophe contingent financing

The World Bank has helped two more countries join those benefiting from a source of catastrophe contingent disaster risk financing, as both Vanuatu and Grenada become the latest to receive a Catastrophe Deferred Drawdown Option (Cat DDO) arrangement. The World Bank continues to deliver these catastrophe contingent risk financing solutions to read the full article →

Taal volcanic eruption could be a quake threat to Philippines cat bond

The Taal volcano in the Philippines which began erupting yesterday poses a potential threat to the Philippines government's  IBRD CAR 123-124 catastrophe bond transaction, which would be on-risk should a major earthquake occur due to the volcano's current active state. The Taal volcano has always been considered one of the most read the full article →

Madagascar & Morocco get World Bank Catastrophe Deferred Drawdown Options

The African countries of Madagascar and Morocco are the latest to benefit from a Catastrophe Deferred Drawdown Option (Cat DDO) instrument issued by the World Bank, as further steps are taken to make them more resilience to natural disasters and climate related risks. The Catastrophe Deferred Drawdown Option (Cat DDO) has read the full article →