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International

Red Cross' first volcano cat bond in the works

April 22, 2019 Reprints

The Danish Red Cross and Switzerland-based International Federation of Red Cross and Red Crescent Societies are working towards issuing the first-ever catastrophe bond to cover damage from volcanic eruptions, Artemis.bm reports citing sources. The Red Cross said that the cat bond will be structured using a parametric trigger related to the volcano's ash plume and the deal's size could total $15 million.

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Red Cross' first volcano cat bond in the works

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