Philippines’ $97.5 million outstanding cat bond principal could be at risk
Posted On: Oct. 14, 2022 9:34 AM CST![Alternative risk transfer](https://bicontent.businessinsurance.com/4310cec6-4672-43af-aa23-e18a20212f95.jpg)
The World Bank-issued catastrophe bond notes for the Philippines have been marked down to almost zero in the secondary market implying that the $97.5 million in catastrophe bond principal outstanding could be exposed to the impacts of the recent Super Typhoon Noru, Artemis reported. The Philippines’ government has recently requested a damage assessment of the Super Typhoon Noru to determine if it triggered the country’s catastrophe bond.