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Philippines calls for typhoon damage assessment for cat bond payout

Posted On: Oct. 11, 2022 9:50 AM CST

The Philippines’s Bureau of the Treasury has reportedly requested a damage assessment of recent Super Typhoon Noru to determine whether it triggered the country’s World Bank issued catastrophe bond, Artemis reported. The country had received a $52.5 million payout from its catastrophe bond after Super Typhoon Rai and now has $97.5 million in catastrophe bond principal outstanding.