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The World Bank-managed Pacific Island catastrophe risk pool is developing new programs in partnership with private sector insurers after the departure of the Solomon Islands, Riskmarketnews.com reports.
"The Solomon Islands experienced two disaster events which were not eligible for a payout and withdrew from the pilot," the World Bank said. The World Bank's Disaster Risk Financing and Insurance Program is planning to shift its focus in the Pacific Catastrophe Risk Insurance Pilot initiative, an official said.