Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

In 2013, Typhoon Haiyan resulted in the loss of 6,300 lives and caused an estimated $12.9bn of damage. Credit: iStock/Tigeryan

The World Bank’s International Bank for Reconstruction and Development (IBRD) has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection of up to $75m for losses from earthquakes and $150m against losses from tropical cyclones for three years. The bonds, which are the first to be sponsored by an Asian government,…

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