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prima: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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This content was published more than 10 months ago.
Vista aérea de una comunidad en Dorado en la que se observan los toldos azules de FEMA en los techos de las residencias.(Archivo/GFR Media)
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.

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.

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