Jamaica pleased with second World Bank cat bond, Hong Kong support: Minister of Finance
The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme. As Artemis reported yesterday, the latest catastrophe bond to be issued […]
Cat bond & related ILS market hits record size at over $47bn, up 5% so far this year
According to Artemis’ Deal Directory data, which tracks issuances of catastrophe bonds and related insurance-linked securities, the outstanding market has hit a record high of more than $47 billion in risk capital outstanding, having already risen by 5% since the end of last year. As of today, issuance of new 144A catastrophe bonds and the few private […]
NCJUA returns for first catastrophe bond since 2013, $125m Longleaf Pine Re
The North Carolina Joint Underwriting Association (NCJUA) has returned to the catastrophe bond market for the first time since 2013, seeking $125 million of more in aggregate named storm reinsurance from this Longleaf Pine Re Ltd. (Series 2024-1) issuance. Previously, the North Carolina Joint Underwriting Association (NCJUA) had sponsored catastrophe bonds alongside the North Carolina Insurance […]
Participants of the Insurance Market of Uzbekistan learn more about Climate and Disaster Risk Finance
The United Nations Development Program (UNDP), with the National Agency for Perspective Projects of the Republic of Uzbekistan and the Association of Professional Participants in the Insurance Market of Uzbekistan, conducted a training for insurance sector specialists on the topic “Climate and Disaster Risk Finance” with the involvement of an international expert. The main goal of the […]
Multilateral development banks to boost disaster & climate risk insurance
Leaders of 10 multilateral development banks (MDB’s) announced steps to collaborate more effectively to increase the impact and scale of their work, in order to tackle urgent development challenges, including addressing the growing need for disaster risk insurance and in climate risk financing. The 10 multilateral development banks (MDB’s) behind the announcement were the: African […]
World Bank: New Financing Tools Receive Major Funding Boost
WASHINGTON, April 19, 2024— New financial instruments designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges have received a significant endorsement. A set of 11 countries announced commitments today for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Livable Planet Fund totaling $11 […]
World Bank Issues $420 Million in Catastrophe Bonds for Renewed Disaster Risk Protection for Mexico
Washington D.C., April 17, 2024 – The World Bank (International Bank for Reconstruction and Development, or IBRD, AAA/Aaa), issued three catastrophe (cat) bonds that finance $420 million of insurance coverage for the Government of Mexico against named storm events along the Atlantic coast of Mexico and earthquake events. The cat bonds replace and increase by $60 […]
New cat bond a “fundamental part” of Mexico’s disaster risk management: Suárez, Ministry of Finance
The issuance of IBRD CAR Mexico 2024, the Government of Mexico’s $420 million Mexico earthquake and Atlantic coast named storm catastrophe bond, “is a fundamental part of the federal strategy for Financial Management of Disaster Risks”, according to Héctor Santana Suárez, Head of Insurance, Pensions and Social Security in the Ministry of Finance of México. The […]
Hong Kong: Protection gaps, Chinese municipalities a key focus for ILS ambitions
After its government expressed its desire to attract more insurance-linked securities (ILS) sponsors to the Hong Kong Special Administrative Region, highlighting a commitment to develop its ILS market, executives from the Insurance Authority have made filling protection gaps a key focus of its ILS ambition. This will include not just attracting international insurance and reinsurance […]
Hong Kong: Protection gaps, Chinese municipalities a key focus for ILS ambitions
After its government expressed its desire to attract more insurance-linked securities (ILS) sponsors to the Hong Kong Special Administrative Region, highlighting a commitment to develop its ILS market, executives from the Insurance Authority have made filling protection gaps a key focus of its ILS ambition. This will include not just attracting international insurance and reinsurance […]