Colombia set for quake catastrophe bond within weeks: Finance Minister
by Artemis on January 11, 2018
The first catastrophe bond covering earthquake risks in Colombia is expected to be launched within a matter of weeks, according to the country’s Minister of Finance and Public Credit, as the country looks to capital market sources to improve its disaster risk transfer and financing.
Mauricio Cardenas, the Minister, said in a tweet this week that, “This month we will issue the first bond that will cover earthquake disaster risks. It is responsible and prudent.”
The statement suggests that the work to provide disaster risk financing and insurance or reinsurance coverage for Pacific Alliance countries, which include Colombia, is nearing fruition, either with a single or a multi-country catastrophe bond.
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