The Bureau of the Treasury of the Republic of the Philippines has issued a notice to the calculation agent of the World Bank issued IBRD CAR 123-124 catastrophe bond after the impacts of recent tropical storm Megi (locally known as storm Agaton), Artemis has learned.
It’s the second calculation request the Philippines World Bank catastrophe bond has been subject to, having faced the same process after super typhoon Rai (locally known as Odette) might have triggered its coverage after causing extensive damage in December.
Super typhoon Rai was just that, a super typhoon with extreme sustained wind speeds and always looked like the kind of catastrophe event that a cat bond might respond to.
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