The World Bank Group said today that it intends to build on its already available catastrophe insurance solutions, such as catastrophe bonds, to make access to disaster risk financing without adding debt a reality for member countries.
In announcing a new and comprehensive toolkit focused on supporting countries after natural disasters, the World Bank highlights cat bonds as an area for development and expansion, as it looks to enable members to access sources of efficient insurance capital for disaster risk transfer and financing purposes.
At the Summit for a New Global Financial Pact today, President of the World Bank Group Ajay Banga highlighted the areas of focus, to enhance countries crisis preparedness, response, and recovery to disasters.
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