Typhoon damage triggers over $52 million cat bond payout

Typhoon Rai, which made landfall in the Philippines in December 2021, triggered a wind-related parametric payout of $52.5 million for the country under the country’s World Bank-issued $225 million catastrophe bond, Artemis reported. The cat bond has two tranche of notes, with the Class B tranche of notes offering a $150 million tropical cyclone disaster insurance protection on a modeled loss trigger basis.