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The world bank has established a new catastrophe bond issuance platform for underprivileged countries.
Called “MultiCat Program”, this plan which links Swiss Re,Munich Re and Goldman Sachs, will provide, through capital market, a cover against natural and large-scale catastrophes risks such as hurricanes, earthquakes, floods, all at affordable costs.
The hub has been tested in Mexico which managed to benefit for the first time from an insurance against earthquake and hurricanes for an amount of 290 million USD. The platform will be run by the International Reconstruction and Development Bank, a subsidiary of the World Bank.
