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 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 […]

ORIGINAL PUBLICATION HERE A number of countries belonging to the Association of Southeast Asian Nations (ASEAN) have signed a Memorandum of Understanding for the establishment of the region’s first disaster risk financing facility. The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) will initially comprise a trust and an insurance company in Singapore, working in partnership […]

ORIGINAL PUBLICATION HERE Insurance-linked securities (ILS) investment fund manager Nephila Capital and Swedish state sector pension fund AP3 have both backed a near $390 million renewal for the Philippines regional parametric disaster insurance program. The so-called Parametric Insurance Policy provides insurance protection for disasters across 25 provinces on the Philippine eastern seaboard, with a particular […]

ORIGINAL PUBLICATION HERE The islands of the Bahamas are to benefit from a $100 million contingent loan arrangement from the Inter-American Development Bank (IDB), which will provide a source of liquidity after natural disasters and feature parametric triggers to activate loan disbursements. The use of contingent financing for recovery, rebuilding and financing response to natural […]

ORIGINAL PUBLICATION HERE Hong Kong continues to work towards establishing a local market for insurance-linked securities (ILS), with the regulator and government working together to develop the necessary legislation to support ILS vehicle domiciling and transactions, with a target to get it into the 2019-20 legislative session. In a speech at the Asian Insurance Forum […]

ORIGINAL PUBLICATION HERE DUSHANBE, TAJIKISTAN (4 December 2018) — The Asian Development Bank’s (ADB) updated 2019–2021 country program for Tajikistan focuses on supporting road and energy development, private sector development, education and healthcare improvement, food security, and municipal infrastructure. The indicative financial assistance for the 3-year Country Operations Business Plan (COBP) released recently is over $300 […]