The Philippines Government Treasury department has now issued a notice to the calculation agent requesting that an assessment be made as to whether recent super typhoon Rai (locally known as Odette) might have triggered its World Bank issued IBRD CAR 123-124 catastrophe bond coverage.
The World Bank issued catastrophe bond provides the Philippines with $150 million of tropical cyclone disaster insurance protection on a modelled loss trigger basis through its Class B tranche of notes.
As we reported yesterday, the Philippines had put the World Bank on notice for its catastrophe contingent line of credit, through the CAT-DDO instrument.
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