The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg.
As a reminder, the Philippines government had a World Bank issued IBRD CAR 123-124 catastrophe bond that provided both earthquake and typhoon wind and rainfall protection on a parametric basis.
The government benefited from a $52.5 million recovery from the originally $150 million of tropical cyclone exposed Class B cat bond notes with this deal, after the impacts of super typhoon Rai (locally known as Odette) in late 2021.
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