The World Health Organization says the coronavirus isn’t yet a global pandemic. Bonds that insure against just such a catastrophe say that it probably is. The bonds, sold in 2017 by the World Bank to raise money for poor countries …
The Philippines, among the world’s most disaster-prone nations, sold its maiden foreign-currency catastrophe-linked bonds to help cover costs of major calamities, in conjunction with the World Bank. The dual-tranche transaction consists of a $150 million issuance against losses from, , …
Global natural disasters cost $520 billion of consumption loss annually, 60 percent larger than asset losses that are commonly reported, the World Bank said in a report. The estimate is based on the impact of disasters such as floods, windstorms, …
The World Bank today announced that Tonga will be the first country to benefit from a payout under the Pacific Catastrophe Risk Insurance Pilot and will receive an immediate payment of US $1.27 million towards recovery from Cyclone Ian. The …
An arm of the World Bank next week will unveil a $1.96 million project that aims to help thousands of low-income entrepreneurs in Haiti protect their livelihoods against natural disasters. The International Finance Corporation says the program is much-needed. Only …