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Dominican Republic gets $150m World Bank catastrophe contingent credit

The Dominican Republic has secured the first catastrophe contingent line of credit in the Caribbean, with a $150 million Catastrophe Deferred Drawdown Option (Cat DDO) supported by the World Bank, that provides immediate financing in the event of natural disasters or public health emergencies.The World Bank explains that this is read the full article →

World Bank calls for pandemic facility expansion to include private BI cover

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.The World Bank launched the PEF in 2016 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 →

World Bank hopes for pandemic risk transaction this year

The World Bank is working hard on its initiative that it terms the “first-ever insurance market for pandemic risk”, the Pandemic Emergency Financing Facility (PEF) and hopes to see a transaction come to market this year.Speaking at the SIFMA Insurance and Risk-linked Securities (IRLS) 2017 conference yesterday, World Bank representative read the full article →

World Bank & Africa Re to cap weather index-insurance loss ratios

The World Bank's Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have teamed up to provide a facility that will help to cap insurers loss ratios on weather index-insurance schemes in Africa.Index-insurance, or index based insurance, typically involves protecting policyholders from weather and climate impacts, using indices read the full article →

AIR selected for World Bank pandemic facility, enhances risk model

International catastrophe risk modeling firm AIR Worldwide has been selected by the World Bank to model the Pandemic Emergency Financing Facility (PEF), and has also announced substantial enhancements to its Global Pandemic Model.After announcing the establishment of the PEF, the world’s first-ever insurance market for pandemic risks, earlier this year, read the full article →

Climate change will exacerbate pandemics, risk transfer a must: Report

Climate change impacts will directly and indirectly exacerbate the frequency and intensity of pandemic outbreaks, according to research, emphasising the importance of the Pandemic Emergency Financing Facility (PEF), reinsurance and other risk transfer solutions.A group of students from John Hopkins’ School of Advanced International Studies (SAIS) have collaborated with from read the full article →

World Bank launches pandemic risk market, backed by cat bonds

The World Bank has launched the "first-ever insurance market for pandemic risk", the Pandemic Emergency Financing Facility (PEF), which is designed to rapidly disburse capital in the event of deadly pandemics and will be backed by pandemic catastrophe bonds and reinsurance.The PEF, which has been in development for over a 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 →

Mexico targets October renewal for MultiCat catastrophe bond

The Mexican government has confirmed that it will seek to renew its MultiCat Mexico catastrophe bond protection in October, with another three-year term of catastrophe insurance protection expected to be secured from a MultiCat Mexico 2015 issuance.The protection from the current MultiCat cat bond, MultiCat Mexico Ltd. (Series 2012-1), expires read the full article →