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Government issues catastrophe bond to expand its insurance coverage

The offering was used to purchase a $282 million parametric cover to compensate the disaster losses and attend FEMA requirements

June 25, 2024 - 11:17 AM

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Parametric insurance seeks to provide coverage against specific defined events such as hurricanes or earthquakes, through the payment of a fixed amount determined by the magnitude of the event when the parameters established in the policy are met, which in this case amounts to $282 million.

By Efraín Montalbán Ríos

Periodista de Negociosefrain.montalban@gfrmedia.com

San Juan - The Financial Advisory Authority and Fiscal Agency (Aafaf) along with the Treasury Department, completed the acquisition of a $282 million parametric insurance coverage, which was financed through the traditional reinsurance market and with the issuance of a Catastrophe Bond.