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By Erwann Michel-Kerjan, Ivan Zelenko, Victor Cárdenas, and Daniel Turgel

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Extra info for Catastrophe Financing for Governments: Learning from the 2009-2012 MultiCat Program in Mexico

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And O. Mahul (2010). ‖ Policy Research Working Paper 5429, The World Bank, Washington, DC. Grossi, P. and H. ) (2005). Catastrophe Modeling: A New Approach to Managing Risk. New York, NY: Springer. Gurenko, E. (2004). Catastrophe Risk and Reinsurance: A Country Risk Management Perspective, Risk Books, London. Hardle, W. and B. Cabrera (2010). ‖ Journal of Risk and Insurance, 77(3): 625-650. Kunreuther, H. and E. Michel-Kerjan (2009). At War with the Weather. : MIT Press. Kunreuther, H. and R. Roth (1998).

Before launch, the main tasks included: establishing the final terms of the coverage (boxes, triggers) and drafting the legal documents for the transaction, including a prospectus of the MultiCat program plus pricing supplements of the bond; establishing the SPV, selecting an administrator, and obtaining a rating, elements to which we now turn. Step 4: Structuring the MultiCat bond With a fixed budget, the Ministry of Finance had to answer demands from other ministries, which were looking to enlarge the geographical region in which the epicenter of the earthquake or storm track would trigger the bond and to lower the attachment points of the triggers so the likelihood of being covered would be higher (as would the price).

S. National Hurricane Center), the Event Calculation Agent (AIR Worldwide was appointed for this role) will calculate if any payment from the bond is triggered based on the severity parameter of the event versus the trigger parameters in the bond. Should this happen, investors might lose all their investment in a particular class of the bond, which would be used to quickly pay Mexico‘s Fonden. AIR Worldwide would directly notify all parties, and the World Bank Treasury team would coordinate the disbursement.

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