Philippines gets $80m from World Bank CAT-DDO, with more expected
The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. As we reported more than one week ago, the Philippines had put the World […]
Philippines requests cat bond event calculation for typhoon Rai (Odette)
The Philippines Government Treasury department has now issued a notice to the calculation agent requesting that an assessment be made as to whether recent super typhoon Rai (locally known as Odette) might have triggered its World Bank issued IBRD CAR 123-124 catastrophe bond coverage. The World Bank issued catastrophe bond provides the Philippines with $150 million […]
GIIF: Africa Risk Capacity (ARC) Group Spotlight Interview
Background: During the just-concluded COP26, Africa Risk Capacity (ARC) Group showcased its lessons learnt in implementing continent-wide climate risk resilience initiatives for millions of Africans through dynamic partnerships. ARC Group also received new funding for scaling its reach and impact to safeguard livelihoods for the most vulnerable at the frontlines of climate change-mediated hazards. The […]
Super typhoon Rai puts Philippines World Bank cat bond on alert
Super typhoon Rai, or typhoon 28W which is known locally in the Philippines as Odette, is tracking towards the country’s central and southern islands and is expected to make landfall with sustained winds as high as 160 mph, putting holders of the World Bank issued IBRD CAR 123-124 catastrophe bond on alert. The World Bank International […]
COSEFIN countries seek joint World Bank catastrophe bond
The Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN) hopes to tap into the capital markets for disaster insurance protection through a joint catastrophe bond issuance, with the support of the World Bank. The COSEFIN countries already benefit from parametric disaster insurance protection through the CCRIF SPC, but having […]
WBG: Sovereign catastrophe risk pools – 15 years on and still more to come
Like many other good ideas, this one started on a paper napkin. Fifteen years ago, a World Bank team was in Jamaica to arrange emergency relief funding to cope with destruction of Hurricane Ivan. This disaster destroyed 6,000 houses and affected almost 400,000 people. In a restaurant in Kingston, we began brainstorming ideas for creating […]
The Belt and Road Ministerial Forum for International Cooperation in Disaster Risk Reduction and Emergency Management 2021
FULL PUBLICATION BY CHINA DAILY HERE
Using Parametric Insurance to Address Rapid Post-Disaster Financing
Introduction The Philippines is a disaster-prone country as it is located on the Pacific Ring of Fire and within the Western North Pacific basin, one of the basins where tropical cyclones are formed. Catastrophic typhoons like Haiyan (Yolanda) in 2013, Bopha (Pablo) in 2012, and Ketsana (Ondoy) in 2009, and earthquakes like the Bohol and […]