mexico

With major hurricane Beryl churning across the Caribbean towards Jamaica, the country’s Minister of Finance Dr. Nigel Clarke has highlighted the importance of robust disaster risk financing and responsive parametric risk transfer arrangements that are in-place, including its World Bank catastrophe bond.

The latest update from the National Hurricane Center on major hurricane Beryl has seen a notable shift in the forecast track that would take the storm closer to Jamaica with 120 mph or greater winds, a scenario that puts Jamaica’s World Bank catastrophe bond firmly on-watch and we’re told offers in the secondary market have […]

When Jamaica first ventured into the catastrophe bond market it was with the support of donor funding that paid the premiums for the 2021 issuance, but with its successful renewal issuance of the cat bond settled this week, it transpires that Jamaica has this time paid for the protection out of its own funds.

The Government of Mexico has now secured $175 million of parametric Pacific named storm disaster insurance protection from the capital markets through the IBRD CAR Mexico 2024 (Pacific) catastrophe bond issuance, which is 40% more than the initial target for this tranche of notes and will take Mexico’s overall cat bond cover to $595 million, […]

The Government of Mexico is looking to upsize its Pacific named storm protection from its latest tranche of World Bank and IBRD facilitated catastrophe bond notes, with now up to $175 million in parametric disaster insurance protection sought from the deal.

The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme.

The Government of Jamaica’s new World Bank facilitated catastrophe bond issuance remains at its initial $150 million in size, while the notes issued under this IBRD CAR Jamaica 2024 cat bond are now expected to be priced at the upper-end of initial guidance, Artemis has learned.

The issuance of IBRD CAR Mexico 2024, the Government of Mexico’s $420 million Mexico earthquake and Atlantic coast named storm catastrophe bond, “is a fundamental part of the federal strategy for Financial Management of Disaster Risks”, according to Héctor Santana Suárez, Head of Insurance, Pensions and Social Security in the Ministry of Finance of México.

As anticipated, the Government of Mexico has returned to secure Pacific named storm protection from another new tranche of World Bank and IBRD facilitated catastrophe bond notes, as the country looks to finalise its latest capital markets source of parametric disaster insurance protection.

The Government of Jamaica has returned to the catastrophe bond market as anticipated, with an initial target to secure at least $150 million in parametric named storm disaster insurance protection from the capital markets through this IBRD CAR Jamaica 2024 cat bond, to cover the country over four hurricane seasons.