The World Bank has issued its first insurance payout under the Pacific Catastrophic Risk Insurance pilot program. Tonga will receive $1.27 million to help with disaster relief associated with Cyclone Ian, which took place on January 11. Ian was the equivalent of a Category 4 or 5 hurricane, with gusts up to 178 miles per hour.
Under the program started in January 2013, the World Bank acts as an intermediary purchasing catastrophic risk coverage from private insurers including Sompo Japan Insurance, Mitsui Sumitomo Insurance, …
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