Venezuela earthquakes could drive economic costs of more than US$10bn: USGS
Shortly after 6pm local time on Wednesday, Venezuela’s capital was hit by a Magnitude 7.2 foreshock and a larger M7.5 mainshock just 39 seconds later, with the US Geological Survey (USGS) giving a 44% chance of more than 10,000 fatalities, and a 45% chance the economic costs exceed US$10 billion. The quakes, according to several […]
WFP highlights importance of pre‑arranged financing, including cat bonds and parametrics
Pre-arranged financing through macro-level disaster risk instruments, including catastrophe bonds and parametric insurance, are deemed a practical, scalable solution that can deliver financial support for early action to support recovery and resilience, the United Nations World Food Programme (WFP) has explained. Laying out its approach to deploying Macro‑Level Disaster Risk Financing (DRF) in regions facing […]