world bank

The World Bank has now facilitated and issued over US $4.8 billion in catastrophe bonds across 17 transactions we have covered over the years, with $745 million issued over the course of just a few weeks in 2024 to support Mexico and Jamaica’s disaster risk transfer and financing needs.

Leaders of 10 multilateral development banks (MDB’s) announced steps to collaborate more effectively to increase the impact and scale of their work, in order to tackle urgent development challenges, including addressing the growing need for disaster risk insurance and in climate risk financing.

Jamaica is looking to renew its catastrophe bond cover that expired at the end of 2023 and the country’s Finance Minister Nigel Clarke said yesterday that a longer-term of protection will be sought with a new cat bond deal, with four hurricane seasons of cover to be the target.

The World Bank announced a significant expansion of the use of catastrophe bonds, reinsurance and instruments such as parametric risk transfer for countries exposed to large-scale disasters, with an ambition to embed catastrophe insurance and risk transfer instruments more deeply into its financing operations.

This video features a keynote speech and Q&A with Jorge Familiar, Vice President and Treasurer, of the World Bank Group from our Artemis London 2023 conference, that was held in London on September 5th 2023.

After it was reported that the World Bank targets a significant increase in the use of catastrophe bonds by its client countries, already a number of potential future World Bank cat bond deals are being discussed.

The World Bank has ambitious plans to expand its use of catastrophe bonds for member countries by roughly 400% over the next five years, growing the amount of World Bank issued cat bonds outstanding to as much as $5 billion, Bloomberg has reported.

This video features another panel discussion from our Artemis ILS Asia 2023 conference, held in Singapore on July 13th 2023, a session focused on public sector and sovereign risk transfer schemes and the use of catastrophe bonds and capital markets capacity.

The North African country of Morocco is reeling after a magnitude 6.8 earthquake struck to the south of Marrakesh on Friday night, with more than 2,000 deaths now reported, the USGS forecasts that the economic impact could be as significant as 8% of GDP.

The World Bank and the Inter-American Development Bank (IDB) have announced a partnership that will see them working together to improve access to disaster risk financing across the Caribbean region, with catastrophe bonds one instrument in scope.