Philippines sets up World Bank-backed $206mn cat cover

A new $206mn catastrophe risk insurance programme developed by the
Filipino government and the World Bank that involves major European
reinsurers will help the Pacific island nation better respond to
losses from severe weather, earthquakes and other natural
disasters.
The venture, which is the first of its sort to involve the World
Bank, was officially announced today in Washington, where the
lending institution is based, sister publication Trading
Risk reports.
Reinsurers Nephila, Swiss Re, Mun