The triggering and impending $52.5 million payout of the Philippines catastrophe bond by recent typhoon Rai (known in the Philippines as Odette), demonstrates a “tangible result” of the country’s disaster risk financing work, according to its Finance Secretary.
Artemis was first to report yesterday that the Philippines government will make a $52.5 million recovery under the terms of its World Bank issued IBRD CAR 123-124 catastrophe bond, as the typhoon was determined to have breached the cat bond trigger by calculation agent AIR Worldwide.
We reported on December 22nd that the Philippines Government Treasury department issued a notice to the calculation agent AIR Worldwide, requesting an assessment be made as to whether the recent super typhoon Rai (locally known as Odette) had triggered its catastrophe bond coverage.
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