$206m

Southeast Asia Globe - - Agenda / Business In Brief -

How much the World Bank has put into a dis­as­ter risk in­sur­ance pro­gramme in the Philip­pines, a scheme that will pro­tect gov­ern­ment as­sets af­fected by earthquakes and ty­phoons in 25 prov­inces. Ev­ery year, ty­phoons and earthquakes are

be­lieved to cost an av­er­age of $3.5bn in as­set losses to the archipelagic na­tion. The agree­ment, which will act as a “last line of de­fence”, marks the first time that the World Bank has en­tered into a rein­sur­ance agree­ment with a gov­ern­men­tal agency.

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