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Singapore and the World Bank aligned their missions to collaborate on the recent landmark first catastrophe bond issuance for the Philippines, as the pair look to stimulate insurance-linked securities (ILS) issuance in Asia as a financial solution for climate resilience.

The Philippines catastrophe bond, IBRD CAR 123-124 which completed last week to provide the country $225 million of disaster insurance capacity covering certain earthquake and cyclone losses, is the first from an Asian sovereign sponsor, the first to be listed in Asia and the first cat bond notes listed on the Singapore Exchange (SGX).

Asia and its people suffer around one-third of the world’s natural catastrophes each year, with significant impacts to the economy, as well as lives and livelihoods.

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