The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD).
The IBRD – Chile 2023 catastrophe bond is the first issuance to come to market with World Bank support since Jamaica’s cat bond back in July 2021, so it’s encouraging to see the return of the organisation.
The government of Chile had previously secured catastrophe bond protection against earthquake risks back in 2018, with the $500 million IBRD CAR 116 issuance that came as part of the giant Pacific Alliance deal, but that matured in early 2021.
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