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World Bank’s cat bond for the Philippines not upsized, set at $225m

The World Bank supported catastrophe bond that is in the market to secure risk transfer and disaster insurance protection for the Philippines has not upsized, with the IBRD CAR 123-124 transaction still aiming for $225 million. At the same time, the catastrophe bond tranches have been moved to use the International read the full article →

Philippines cat bond launched at $225m by World Bank IBRD

A catastrophe bond (IBRD CAR 123-124) has been launched to the market seeking to secure risk transfer and disaster insurance protection for the Philippines, with the World Bank supporting the country in securing a capital markets backed source of capacity for catastrophe loss events. A Philippines catastrophe bond has been in read the full article →

Typhoon Yutu approaches Luzon, Philippines with 100mph winds

The Philippines northern island of Luzon is being threatened by another strong tropical cyclone impact, as typhoon Yutu approaches the country with sustained winds of around 100 mph. Typhoon Yutu had weakened considerably from its super typhoon status, but still the storm is expected to strike a deadly blow to the read the full article →

ADB examines disaster risk financing options for the Philippines

The Philippines has long been the focus of disaster risk financing and insurance discussions, given its exposure to typhoons, earthquakes, fires, rainfall, floods and drought, and now the Asian Development Bank (ADB) is examining options for disaster insurance facilities. The World Bank has been discussing catastrophe bonds in the Philippines for read the full article →

Philippines renews push for mandatory catastrophe insurance

The Philippines Insurance Commission has renewed its efforts to push through a bill that would make property catastrophe insurance mandatory in the country, after lobbying failed to get the idea ratified before the change of President in the country. The proposal would see a significant increase in catastrophe insurance premiums within read the full article →

Philippines gets $500m World Bank catastrophe contingent credit line

The Philippines has secured a new catastrophe contingent line of credit, to support its management of the risks posed by natural disasters, with a $500 million Second Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (CAT-DDO 2). The World Bank said that the catastrophe contingent CAT-DDO 2, which read the full article →

Typhoon Melor (Nona) hits Philippines, wind, flood & surge threat

Typhoon Melor (known as Nona locally) is bearing down on a Category 3 or 4 landfall in the central Philippines in the coming hours. The Philippines is in the firing line for yet another typhoon, in this year of high activity in the Pacific tropical storm and cyclone regions. Typhoon Melor, read the full article →

Super typhoon Koppu – severe wind, rain, flood threat for Philippines

Once again the Philippines faces a powerful and dangerous storm as typhoon Koppu, also know as Lando, approaches a landfall in the coming hours. The typhoon is a Category 4 storm, with winds of 130mph+ and the forecast threatens extreme rainfall and flooding in its path. Update 17th Oct, 15:30 BST, read the full article →

World Bank confirms Philippines catastrophe bond discussions

The World Bank has confirmed that it is working on a multi-level approach to catastrophe insurance and disaster risk transfer for the Philippines, with catastrophe bonds one of the financial instruments options on the table. According to World Bank vice president and special envoy for climate change Rachel Kyte, the Philippines read the full article →

Philippines & World Bank nearing $100m – $300m cat bond: Purisima

The Philippines is in the final stages of the lengthy process of working towards issuing its first catastrophe bond. Working with the World Bank, the Philippines will target an issuance of between $100m and $300m in size, according to Cesar Purisima, Finance Secretary. The Philippines, as one of the most catastrophe read the full article →