The Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN) hopes to tap into the capital markets for disaster insurance protection through a joint catastrophe bond issuance, with the support of the World Bank.
The COSEFIN countries already benefit from parametric disaster insurance protection through the CCRIF SPC, but having noticed the success of Jamaica’s single-country catastrophe bond in the last year, these countries are exploring an opportunity to secure multi-country cat bond coverage with the World Bank’s help.
The World Bank has had a project open for some years to provide input and assistance to the disaster risk financing needs of the Central America and Caribbean countries.
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