PCRIC Congratulates its ILS Specialists

PCRIC is pleased to announce that two of its team members, Mr. Pankaj Singh (Finance & Planning Manager) and Mr. Richard Poulter (Actuarial Specialist) have successfully completed a seven-week course on the fundamentals of Insurance Linked Securities (ILS), run by Phoenix CRetro Ltd London in partnership with various professional bodies and educational institutions worldwide. The course provided the participants with an in-depth understanding […]

Jamaica promotes regional Caribbean catastrophe bond idea to other nations

The government of Jamaica is keen to share its experience as a catastrophe bond sponsor and wants to encourage other nations in the region to consider joining it in sponsoring a Caribbean catastrophe bond, to cover multiple countries, a report states. According to a story from Barbados Today, Jamaica’s Minister of Finance Nigel Clarke has […]

Philippines targets indemnity cover, over cat bonds, for infrastructure: Report

The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg. As a reminder, the Philippines government had a World Bank issued IBRD CAR 123-124 catastrophe bond that provided […]

Significant scope for public sector cat bond market development, says DBRS Morningstar

For low and middle income countries with an elevated exposure to natural disasters, catastrophe bonds can be a useful tool for financial planning, but the public sector side of the market needs to grow in order for governments to fully realise the potential benefits, according to analysts at DBRS Morningstar. The potential fiscal cost of […]

Hong Kong to extend ILS Grant Scheme by two years

The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]

Hong Kong to extend ILS Grant Scheme by two years

The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]

Insured loss from Turkey earthquakes likely to exceed $5bn: Moody’s RMS

Catastrophe risk modelling firm Moody’s RMS has said today that it anticipates the earthquakes that struck Turkey on Monday 6th February are likely to cause over US $25 billion in economic losses and over $5 billion in losses for the insurance and reinsurance market. It’s the highest loss estimate so far, both on the economic […]

Chile seeks $150m parametric quake cat bond via the World Bank’s IBRD

The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD). The IBRD – Chile 2023 catastrophe bond is the first issuance to come to […]

Strong earthquake strikes Tajikistan, near border with China

Reuters DUSHANBE, Feb 23 (Reuters) – An earthquake of about 6.8 magnitude shook eastern Tajikistan at 5:37 a.m. (0037 GMT) on Thursday, Tajik authorities said, which was felt in China and other neighbouring countries. The earthquake struck the mountainous Gorno-Badakhshan autonomous region which was earlier this month hit by a series of deadly avalanches. Although […]

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