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World first ever volcano cat bond sponsored by Danish Red Cross
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Parteners from across the private and humanitarian have launched the World’s first catastrophe bond for volcano related disasters.
A bond sponsored by the Danish Red Cross is the first to offer dedicated insurance against volcanic eruptions.
The project’s parteners aim to raise as much as $ 3 million with the launch of the note, which will transfer money to Denmark’s branch of the Red Cross.
The 10 volcanoes covered by the cat bond were selected from the significant humanitarian threat they represent, with at least 70,000 individuals living within 60 miles radius of potential eruption.
They include North America’s second highest Mexico’s Popocatepetl and Nevado del Ruiz in Colombia.
Initial investors include Schroder Investment Management and Plenum Investments, a firm specializing in insurance linked Securities.
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