Puerto Rico government seeking Parametric Re cat bond protection
The government of Puerto Rico is seeking $75 million in parametric insurance protection against the financial impacts of named storms and earthquakes from the capital markets, through a new Puerto Rico Parametric Re Ltd. (Series 2024-1) catastrophe bond transaction, Artemis has learned. This first Puerto Rico Parametric Re catastrophe bond is particularly notable as the first […]
World Bank & EC call for scaled up European disaster risk transfer & cat bonds
In a string of research reports, the World Bank Group and European Commission call on governments across Europe to utilise more in the way of disaster risk transfer and insurance to reduce the pressure from weather and natural perils on budgets, including the use of catastrophe bonds to access capital market investors for reinsurance risk […]
Mexico “setting the standard” with use of World Bank catastrophe bonds
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 […]
TSR forecasts 15 typhoons, 7 to be intense, in 20% below-norm Northwest Pacific season
With the development of La Nina conditions anticipated during this summer and its persistence through the autumn, Tropical Storm Risk (TSR) has called for the Northwest Pacific typhoon season to see activity levels around 20% below normal, albeit still with 15 typhoons, 7 of which are forecast to be intense. The expectation that La Nina […]
Insurance Authority cheers launch of US$150 million catastrophe bond
The Insurance Authority (IA) of Hong Kong has recognised the successful issue and listing of a catastrophe bond by the International Bank for Reconstruction and Development, part of the World Bank Group. The bond, amounting to US$150 million, aims to shield Jamaica from storm-related losses through the next four hurricane seasons. FULL ORIGINAL PUBLICATION HERE
Jamaica using own funds to pay risk margin on World Bank catastrophe bond renewal
When Jamaica first ventured into the catastrophe bond market it was with the support of donor funding that paid the premiums for the 2021 issuance, but with its successful renewal issuance of the cat bond settled this week, it transpires that Jamaica has this time paid for the protection out of its own funds. Jamaica had […]
At $2.1bn, cat bonds will be TWIA’s biggest source of funding for 2024
For 2024, the funding tower of residual market insurer the Texas Windstorm Insurance Association (TWIA) will see catastrophe bonds as its largest component, providing 32% of the funding limit needed to meet the statutory 1-in-100 year probable maximum loss for the coming hurricane season. Recall that, back in February the Board of the Texas Windstorm […]
Mexico cat bond cover hits $595m, as upsized $175m Pacific named storm tranche secured
The Government of Mexico has now secured $175 million of parametric Pacific named storm disaster insurance protection from the capital markets through the IBRD CAR Mexico 2024 (Pacific) catastrophe bond issuance, which is 40% more than the initial target for this tranche of notes and will take Mexico’s overall cat bond cover to $595 million, Artemis […]
Mexico targets upsized $150m-$175m Pacific named storm cat bond
The Government of Mexico is looking to upsize its Pacific named storm protection from its latest tranche of World Bank and IBRD facilitated catastrophe bond notes, with now up to $175 million in parametric disaster insurance protection sought from the deal. Recall that Mexico has already secured $420 million in protection against earthquakes and Atlantic hurricanes […]
Southern African nations to receive insurance payouts from historic drought
African Risk Capacity (ARC) has revealed that Malawi, Mozambique, Zambia and Zimbabwe are likely to receive insurance payouts from the ongoing drought in the region, which is one of the worst in decades. In a recent meeting between ARC and its partners, stakeholders reportedly discussed the response to the drought emergency, intending to minimise the […]