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Mexico shows intent with $250m catastrophe insurance renewal

In a positive signal for the continuing use of private insurance and reinsurance capital to support the country's natural disaster and catastrophe insurance needs, the Mexican government has renewed a $250 million layer of traditional catastrophe protection. As part of the government's economic plans for 2023, the Mexico Ministry of Finance read the full article →

Hurricane Agatha to slam Mexico. Unlikely to trouble World Bank cat bond

Hurricane Agatha is verging on reaching major Category 3 storm status as it nears the Mexican coastline with 110 mph sustained winds, but the central pressure remains far higher than would be needed to trigger the Government of Mexico's World Bank issued catastrophe bond. Hurricane Agatha formed over the weekend and read the full article →

Pamela threat to Mexico’s World Bank cat bond reduced, as forecast weakens

Yesterday, as tropical storm Pamela was intensifying in the Pacific and heading for a landfall in Mexico, the forecasts at the time were suggesting Pamela would quickly become a hurricane and then intensify to major category 3 or stronger before landfall, which suggested that Mexico's World Bank facilitated IBRD / read the full article →

Mexico struck by M7.0 quake. World Bank cat bond appears safe

A magnitude 7.0 earthquake has struck the Pacific coast of Mexico close to the tourist heavy area of Acapulco. At this stage, it appears the World Bank facilitated IBRD / FONDEN 2020 parametric catastrophe bond that provides the Mexican government with earthquake insurance protection is safe from loss, but it read the full article →

Mexico’s cat bond coverage continues, despite shuttering of FONDEN

Mexico's still in-force $485 million IBRD / FONDEN 2020  catastrophe bond will continue to provide the country with important disaster insurance protection, as the beneficiary of the cover has been shifted away from the shuttered FONDEN disaster fund to the country's Treasury. We're told that a notification has been sent to read the full article →

Mexico’s cat bond program set for shake-up or cancellation, as FONDEN to close

Mexico's Fund for Natural Disasters (El Fondo de Desastres Naturales), more commonly known as FONDEN, is set to be dismantled along with more than 100 other government funded public trusts, as lawmakers in the senate voted to reform this area of public funding. Lawmakers have railed against wasted public spending across read the full article →

Hurricane Delta hits 120mph Cat 3, dangerous impacts forecast on landfall

Hurricane Delta has intensified overnight as expected reaching 120 mph Category 3 sustained winds as it tracks towards the northern Gulf Coast, with southwestern Louisiana expected to see damaging hurricane force winds and a life threatening storm surge on landfall. Hurricane Delta weakened after passing across Mexico's Yucatan Peninsula where damage read the full article →

Hurricane Delta forecast for Louisiana landfall, models point to single-digit billion loss

Hurricane Delta struck the Yucatan Peninsula region of Mexico yesterday, causing damage to properties including in the high-value Cancun resort region. The hurricane weakened slightly, but has since intensified again after emerging fully over the Gulf of Mexico. Hurricane Delta is now forecast to continue intensifying as it moves across the read the full article →

Hurricane Delta to slam Yucatan, approach Gulf Coast at near Cat 3 strength

Hurricane Delta has weakened slightly on approach to Mexico's Yucatan Peninsula, but still at major Category 3 strength will deliver a life-threatening storm surge and damaging winds and is then expected to head into the Gulf where it could maintain major status right up to landfall on the U.S. Gulf read the full article →

Hurricane Delta hits major Cat 4 status, threat to Mexico’s cat bond increasing

Hurricane Delta has now intensified into the third major hurricane of the 2020 Atlantic storm season and with further strengthening in the forecast this storm could pose a test for the World Bank issued FONDEN 2020 catastrophe bond sponsored by the Mexican government. Hurricane Delta became the fastest 25th named storm read the full article →