Hurricane Agatha to slam Mexico. Unlikely to trouble World Bank cat bond
Hurricane Agatha is verging on reaching major Category 3 storm status as it nears the Mexican coastline with 110 mph sustained winds, but the central pressure remains far higher than would be needed to trigger the Government of Mexico’s World Bank issued catastrophe bond. Hurricane Agatha formed over the weekend and rapidly intensified as it […]
PHILLIP PETTERSEN: Jacking up disaster risk control by building back on higher ground
SA is getting more susceptible to climate change dangers as informal settlements grow 146% The storms preceding the recent KwaZulu-Natal floods were part of a normal weather system known as a cut-off low that is often responsible for excess rain and cold. But experts say the intensity of the deluge was due to climate change […]
No additional Philippines cat bond pay out for typhoon Rai’s rains
Having already been triggered and paid out US $52.5 million, we’ve now learned the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond will not face any additional loss of principal because of the rainfall from super typhoon Rai (locally known as Odette). We reported back in January that the Philippines government would make a […]
NW Pacific typhoon season forecast 20% below-norm on La Niña
The Northwest Pacific typhoon season, which is one of the peak zone perils for reinsurance, catastrophe bond and other insurance-linked securities (ILS), is forecast to see activity levels roughly 20% below-normal, as the effects of La Niña are increasingly expected to last through summer and into Autumn. Tropical Storm Risks (TSR), an insurance and reinsurance […]
Climate-vulnerable countries gain resilience through disaster risk finance and insurance
New UNDP initiative addresses underlying challenges to building resilience through disaster risk finance and insurance in Least Developed Countries (LDCs) and Vulnerable Twenty (V20) countries. In 2021, economic losses from disasters caused by natural hazards totalled almost $270 billion. The impact of disasters can significantly undermine development progress and push communities deeper into poverty, making them […]
Jamaica cat bond may grow, or expand to cover Caribbean: World Bank MD
When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing Director has said. Speaking with […]
The role of insurance in meeting the financial need to preserve biodiversity
Biodiversity loss will be an increasingly important source of risk and opportunity for the insurance sector. The significant degradation of ecosystems has the potential to materially impact global finance, economies, and societies alike. Understanding the physical and transition risks associated with biodiversity loss and working to mitigate the damage to biodiversity will be a key […]
New earthquake assessments strengthen preparedness in Europe
European scientists with the participation of the Swiss Seismological Service at ETH Zurich have published an updated earthquake hazard map and, for the first time, an earthquake risk map for Europe. Switzerland will follow suit next year with a higher resolution national risk map. FULL PUBLICATION HERE
WEF: It’s not just climate change driving natural disaster losses
Climate change is contributing to rising losses from natural disasters, including increased damage to physical assets and disruption to business operations. But an underreported driver of losses is the growing number and value of exposed properties, such as those in floodplains. Organizations should set a baseline of risk to understand how natural disasters can impact […]
Philippines seeks cat bond event calculation for storm Megi (Agaton)
The Bureau of the Treasury of the Republic of the Philippines has issued a notice to the calculation agent of the World Bank issued IBRD CAR 123-124 catastrophe bond after the impacts of recent tropical storm Megi (locally known as storm Agaton), Artemis has learned. It’s the second calculation request the Philippines World Bank catastrophe bond […]