Pandemic cat bond news related to the World Bank’s issuance of pandemic catastrophe bonds as part of the insurance window financing for the Pandemic Emergency Financing Facility (PEF).
The World Bank’s IBRD issued $320 million of pandemic catastrophe bonds and $105 million of pandemic risk linked swaps to provide capital markets backed reinsurance financing for the PEF.
The pandemic cat bond notes faced threats from an Ebola outbreak and the 2019/20 Covid-19 coronavirus pandemic.
The catastrophe bond issuance launched to back the World Bank designed Pandemic Emergency Financing Facility (PEF) is now targeting up to $400 million of parametric risk transfer coverage through the International Bank for Reconstruction and Development issued IBRD CAR 111-112 capital at risk notes.
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The first catastrophe bonds that will support the World Bank designed Pandemic Emergency Financing Facility (PEF) have been launched to the investment community, with two series of capital at risk notes that are being issued by the International Bank for Reconstruction and Development, a $100 million transaction we’re naming IBRD CAR 111-112.
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The World Bank has called for the ongoing development of its Pandemic Emergency Financing Facility (PEF), to incentivise greater investment in preparedness, and take advantage of the opportunity to deliver business interruption (BI) cover for the private sector as it works towards PEF-2.
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The Start Network, an international network of non-governmental humanitarian organisations, has committed to developing prototype use-cases for parametric insurance and catastrophe bonds as solutions to provide funding in response to humanitarian crises.
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