With the successful issuance of the $175 million IBRD CAR Mexico 2024 (Pacific) named storm catastrophe bond, on the heels of the $420 million IBRD CAR Mexico 2024 that provides Atlantic named storm and earthquake protection, Mexico now has $110 million more in disaster risk financing to support its resilience, Héctor Santana Suárez of the Ministry of Finance of México has said.
“Mexico is setting the standard for disaster risk management by using innovative financial tools like World Bank cat bonds to safeguard public funds from the effects of natural disasters,” Mark Roland Thomas, World Bank Country Director for Mexico explained.
With the previous IBRD / FONDEN 2020 catastrophe bond only $485 million in size, the renewal of this coverage has now expanded to $595 million thanks to strong investor support for Mexico’s latest World Bank issued catastrophe bonds.
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