Philippines cat bond payout a “tangible result”, says Finance Secretary
The triggering and impending $52.5 million payout of the Philippines catastrophe bond by recent typhoon Rai (known in the Philippines as Odette), demonstrates a “tangible result” of the country’s disaster risk financing work, according to its Finance Secretary. Artemis was first to report yesterday that the Philippines government will make a $52.5 million recovery under the […]
A protection & innovation gap, just 38% of cat losses insured: Aon’s Eric Andersen
Global economic losses from natural catastrophes reached $343 billion in 2021, but only $130 billion of the total was covered by insurance or reinsurance, which Aon’s President Eric Andersen said demonstrates both a protection and an innovation gap, when it comes to climate risk. At $130 billion, Aon’s estimate of global insured catastrophe losses for […]
Cat bond issuance hits record $12.5 billion
Catastrophe bond issuance reached a record of $12.5 billion in 2021, according to Aon. Up from the previous highest total of $11bn in 2020, the new issuance brings the value of active bonds in the market to $32bn. Aon’s investment banking arm Aon Securities participated in $7bn of last year’s issuance. The catastrophe bond sector […]
