The rapid intensification of tropical storm Erick into a major hurricane has brought Mexico’s Pacific coast hurricane parametric catastrophe bond, the $175 million IBRD CAR Mexico 2024 (Pacific) issuance, sharply into focus, as Erick’s central pressure is estimated just a couple of millibars above where the trigger for attachment sits.
At this time, major hurricane Erick has reached category 4 strength, with sustained winds estimated by the National Hurricane Center at 145 mph, with gusts estimated at over 170 mph.
In the next few hours, the centre of Erick is forecast to make landfall near to the border region between the Mexican states of Oaxaca and Guerrero this morning.
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