ORIGINAL PUBLICATION HERE The Philippines, the Asian Development Bank and private market entities are working to develop a parametric disaster insurance pooling facility for Philippine cities to buy protection from, backed by reinsurance and capital markets funding. The Philippine City Disaster Insurance Pool (PCDIP) is being designed by a collaboration between the Philippine Department of […]

ORIGINAL PUBLICATION HERE Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and geo-economic […]

ORIGINAL PUBLICATION HERE The World Bank Group will double its financing of climate change adaptation and resilience related projects, with one area of focus being the delivery and facilitation of financial protection instruments that can help countries respond early to, and recover faster from, climate and disaster shocks. Under the new Action Plan on Climate […]

ORIGINAL PUBLICATION HERE Sea level rise over the 21st century will not be as severe as many climate models have predicted and should not present a major issue for re/insurers provided it is managed appropriately, according to Dr. Judith Curry, President of Climate Forecast Applications Network and Professor Emeritus, Georgia Institute of Technology. Curry acknowledged that […]

ORIGINAL PUBLICATION HERE The recently renewed Philippines parametric natural disaster insurance cover was completed at $390 million in size, around double the prior year, and the World Bank has confirmed that work is underway to issue a catastrophe bond to extend disaster protection for the country. We covered this renewal back in December, when we […]

ORIGINAL PUBLICATION HERE Reinsurance firm Swiss Re continues to expand its parametric risk transfer activities, this time with the launch and backing of the first county-level natural catastrophe index insurance product in China. Swiss Re is backing and reinsuring a county-level index insurance cover for Mao County in Sichuan province, Financial News reported, the first […]

ORIGINAL PUBLICATION HERE Insurance-linked securities (ILS) and insurance-linked investments (ILI) in general have been identified as an example of a Sustainable Development Investment, according to experienced ILS investors Dutch pension fund manager PGGM and pension PFZW. As insurance-linked securities (ILS) and instruments such as catastrophe bonds provide risk capital that responds to the occurrence of […]

ORIGINAL PUBLICATION HERE The CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool to include Panama, as the Central American country joins the provider of parametric sovereign disaster risk transfer products and signs up for excess rainfall protection. The CCRIF is a multi-country risk pool, providing parametric disaster […]

ORIGINAL PUBLICATION HERE Commercial risk transfer and corporate insurance solutions provider Swiss Re Corporate Solutions has launched a new parametric product designed to protect European companies that are exposed to high or low water levels. A division of the global reinsurance firm Swiss Re, Swiss Re Corporate Solutions increasingly offers tailored parametric insurance products to […]

ORIGINAL PUBLICATION HERE Through partnership and innovative financing, ARC and AfDB are tackling one of the biggest challenges in closing the protection gap in Africa: premium financing. In January 2017, the ARC and AfDB partnered to improve disaster risk financing infrastructure, capacities, and policies across the continent by harnessing the financial expertise, in-country reach, and […]