World Bank to expand parametric disaster cover to Pacific Islands

11/7/2018 4:47:00 AM

Source: Business Insurance

The World Bank Group plans to expand the Pacific Catastrophe Risk Insurance Co.’s operations to offer parametric disaster insurance to Pacific Island nations, reports. The Pacific Catastrophe Risk Insurance has so far provided parametric earthquake and cyclone insurance protection to five Pacific Island nations with a risk pool of around $45 million. The World Bank plans to tap into private capital while expanding the range of parametric insurance products.