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Vanuatu paid $1.9m for cyclone Pam from Pacific catastrophe facility

The World Bank supported Pacific Catastrophe Risk Insurance Pilot has paid Vanuatu $1.9m after the risk pooling facility was triggered by Category 5 Cyclone Pam which struck the Pacific island nation on March 13th.Demonstrating the important role that parametric triggers play in effecting rapid insurance payouts after disaster strike, the read the full article →

Cyclone Pam may trigger Pacific Catastrophe Risk Insurance Pilot

The parametric Pacific Island catastrophe risk insurance and reinsurance pooling initiative, the Pacific Catastrophe Risk Insurance Pilot, may have been triggered by Cyclone Pam which made a direct hit on Vanuatu as a strong Category 5 storm.Update: The World Bank explained in a statement made on the 15th March:Given the read the full article →

Parametric Pacific Catastrophe Risk Insurance Pilot renews for third season

The Governments of Samoa, Tonga, Cook Islands, Vanuatu and the Marshall Islands have called for an extension to the Pacific Catastrophe Risk Insurance Pilot (PCRIP), which was renewed for its third term on November 1st 2014.The scheme was launched through a combined effort from the Japanese Government, the World Bank, read the full article →

Pacific Catastrophe Risk Insurance Pilot makes first payout

The Pacific Catastrophe Risk Insurance Pilot, which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has made its first payout to Tonga after cyclone Ian.The World Bank announced today that Tonga will receive an immediate payout of US $1.27 read the full article →

The parametric Pacific Catastrophe Risk Insurance Pilot renews

The Pacific Catastrophe Risk Insurance Pilot, a disaster insurance facility which provides parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands, has renewed from November and added one new island member.This will be the second season that the Pacific Catastrophe Risk read the full article →

More detail on the Pacific Islands parametric catastrophe insurance facility

Further details have emerged on the new disaster insurance facility which launched last week to provide parametric insurance cover for tropical cyclone and earthquake risks to a group of Pacific Islands. The parametric catastrophe facility has been set up by the World Bank and the Secretariat of the Pacific Community read the full article →

Parametric catastrophe insurance pilot launched for Pacific Islands

A new disaster insurance facility has been officially launched today to provide parametric insurance cover for tropical cyclone (typhoon) and earthquake, including tsunami, risks to a group of Pacific Islands. The pilot project, launched today by the World Bank and the Secretariat of the Pacific Community (SPC) Pacific Catastrophe Risk read the full article →

Asia disaster insurance facility plans taking shape

Some details have emerged, via the Japanese press, of a much discussed Asia disaster insurance facility which has been widely expected to emerge for over a year. The Japanese government say that they plan to work with the World Bank and Asian Development Bank to establish a disaster insurance facility read the full article →