mexico

Hurricane Lidia is bearing down on the western Pacific coast of Mexico with sustained winds of around 125 mph. Some additional strengthening is forecast, and the risk to the Mexican governments IBRD / FONDEN 2020 catastrophe bond has risen thanks to ongoing intensification of Lidia up to landfall.

Hurricane Roslyn made landfall on Mexico’s Pacific coastline as a category 3 hurricane with maximum sustained winds of around 120mph on October 23rd, but the minimum central pressure of the storm was not sufficiently low to trigger Mexico’s catastrophe bond arrangement.

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.

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.

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 / FONDEN 2020 parametric catastrophe bond […]

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 is hard to be certain […]

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.

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.

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 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.