Reinsurance News
World Bank
Philippines set for $52.5m payout as typhoon Rai (Odette) triggers cat bond
25th January 2022
The government of the Philippines is set to receive a $52.5 million payout under its World Bank issued catastrophe bond, after risk modeller and calculation agent AIR Worldwide determined that super typhoon Rai (locally known as Odette) breached the trigger for wind. As first reported by Artemis, the Philippines government ... Read the full article
World Bank has ‘only scratched the surface’ on what it can do: Bennett, ILS NYC 2021
18th February 2021
The World Bank has "only scratched the surface" on what it can do with member governments that are looking to transfer some of their disaster risk to the reinsurance sector and the capital markets, according to Michael Bennett, Head of Derivatives & Structured Finance, World Bank Treasury. The World Bank ... Read the full article
World Bank’s IFC mobilises $2bn in credit capacity from re/insurers
24th June 2020
IFC, a member of the World Bank Group, has partnered with six global insurance companies to mobilise $2 billion in credit capacity under the Managed Co-Lending Portfolio Program (MCPP). The initiative will allow IFC to increase its medium- and long-term lending to commercial banks and non-bank financial institutions in emerging markets ... Read the full article
World Bank’s pandemic bonds & swaps to pay out almost $196m on COVID-19
17th April 2020
The pandemic catastrophe bonds and pandemic risk-linked swaps issued by the World Bank have now been triggered by the COVID-19 coronavirus outbreak and will pay out USD 195.84 million, as first reported by our sister publication Artemis. Issued in July 2017 to provide financial backing and insurance protection to the ... Read the full article
World Bank cat bonds to protect Philippines against quake & cyclones
25th November 2019
The World Bank has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection against earthquakes and cyclones. The bonds, which were issued under a International Bank for Reconstruction and Development (IBRD) program, provide $225 million of total coverage for three years. This figure ... Read the full article
World Bank pegs Cyclone Idai economic loss at $2bn
16th April 2019
Cyclone Idai, which last month cut a path of destruction through the southern African countries of Malawi, Zambia and Zimbabwe, has been estimated by the World Bank to have inflicted over $2 billion in economic losses. Vast areas of land were submerged by torrential rainfall released by the Category 2 storm, ... Read the full article
World Bank, EU agreement yields €30m for Caribbean climate programs
4th February 2019
The signing of two agreements by the European Union (EU) and the World Bank’s (WB) Global Facility for Disaster Reduction and Recovery will provide €30.7 million in funds for two climate resilience and adaptation programs in the Caribbean. €27.7 million will go to the Caribbean Regional Resilience Building Facility and will ... Read the full article
World Bank renews Philippines catastrophe cover at $390mn
14th January 2019
The World Bank has announced the renewal of a parametric insurance program that helps the Philippines better respond to losses from natural disasters, at an increased size of $390 million. The renewal is almost double the size of the $206 million of insurance coverage secured under the 2017 policy, and provides ... Read the full article
The Philippines secures $386m parametric insurance policy
20th December 2018
With assistance from the World Bank, the Philippines’ Department of Finance has announced the successful placement of a parametric insurance policy that provides up to US$386 million of cover to 25 high-risk provinces throughout the country’s eastern seaboard. This appears to be a renewal of an arrangement made last year ... Read the full article
KfW, World Bank announce €15m contribution to enhance Caribbean disaster insurance
18th December 2018
Germany’s government-owned development bank, KfW, and the World Bank have signed an agreement that will see €15 million contributed, from the Federal Republic of Germany, to the Central America and Caribbean Catastrophe Risk Insurance Program (CACCRIP). This is the biggest contribution to the CACCRIP from a single donor and is part ... Read the full article
Philippines turns to Lloyd’s & World Bank for infrastructure risk transfer advice
2nd October 2018
As the Philippine Government prepares to invest as much as $170 billion into the country’s infrastructure over the coming years, national newspaper the Manila Standard reports that assistance has been sought on risk transfer and insurance from Lloyd’s of London and the World Bank. The country’s Finance Secretary Carlos Dominguez III ... Read the full article
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