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Philippines cat bond triggers on typhoon Rai (Odette) winds, $52.5m payout due

The Philippines government will make a recovery under the terms of its World Bank issued IBRD CAR 123-124 catastrophe bond, as the event calculation process has now run and super typhoon Rai (locally known as Odette) has breached the parametric trigger for wind, Artemis has learned.

As we reported back on December 22nd, the Philippines Government Treasury department had issued a notice to the calculation agent AIR Worldwide, requesting that an assessment be made as to whether recent super typhoon Rai (locally known as Odette) might have triggered its catastrophe bond coverage.

Typhoon Rai (Odette) caused significant impacts across the Philippines and because of its path across the country some high-exposure regions saw significant damage.


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