The Philippines doubled its natural disaster insurance cover to $206m and the World Bank said work on issuing a catastrophe bond was underway. The renewal of the country’s regional parametric disaster insurance cover was backed by Nephila Capital, Swedish state pension fund AP3, Munich Re, Swiss Re, AXA, Hannover Re, Hiscox Re, Allianz and SCOR. The World Bank said the news would help the Philippines respond to major typhoons and earthquakes by allowing quick payouts to support recovery. The figure is almost double the $390m cover organised in the scheme’s first year.
The Philippines doubled its natural disaster insurance cover to $390m and the World Bank said work on issuing a catastrophe bond was underway. The renewal of the country’s regional parametric disaster insurance cover was backed by Nephila Capital, Swedish state pension fund AP3, Munich Re, Swiss Re, AXA, Hannover Re, Hiscox Re, Allianz and SCOR. The World Bank said the news would help the Philippines respond to major typhoons and earthquakes by allowing quick payouts to support recovery. The figure is almost double the $206m cover organised in the scheme’s first year.