World Bank News

World Leaders Failed to Heed Warnings and Prepare for Pandemic, Says Global Report

A collective failure by political leaders to heed warnings and prepare for an infectious disease pandemic has transformed “a world at risk” to a “world in disorder,” according to a report on international epidemic preparedness. “Financial and political investments in …

Complex Financial Products Aren’t the Solution to Climate Change or Pandemic: Opinion

Almost exactly four years ago the World Bank announced a pioneering project, the Pandemic Emergency Financing Facility, designed to develop a new insurance market and protect the world’s poorest countries against deadly disease. The PEF, as it’s known, was supposed …

Pandemic Bonds Get Stay of Execution but Prospect of Wipeout Looms

A ruling last week not to wipe out holders of a World Bank financial instrument providing emergency funds to poor countries in a pandemic, was just a stay of execution if bond markets are to be believed. The riskier $95 …

World Bank Pandemic Bond Losing Value, Facing Criticism as Coronavirus Spreads

A World Bank bond designed to deliver funding to help the world’s poorest countries to tackle fast-spreading diseases has lost half its value as the coronavirus outbreak in China has fanned fears that investors could face hefty losses. After the …

Why Year-Long Ebola Outbreak Hasn’t Triggered Payout from Pandemic Insurance

World Bank funding instruments issued to help emerging countries swiftly tackle pandemics have come under the spotlight after the latest deadly Ebola outbreak has yet to trigger a payout. Following the 2013-2016 Ebola outbreak that ravaged Sierra Leone, Guinea and …

Robots Haven’t Eliminated Many Jobs – So Far: World Bank

The rise of automation has so far had a negligible impact on jobs at a global scale, the World Bank chief economist said, despite common gloomy predictions that humans are set to be replaced by machines. While advanced economies have …

AXA’s Duverne Named Chairman of Insurance Development Forum, Replacing Catlin

The Insurance Development Forum (IDF) announced the appointment of Denis Duverne as chair of its Steering Committee, succeeding Stephen Catlin, effective Sept. 11, 2018. The IDF is a public-private partnership, led by a senior insurance industry executive and supported by …

Almost Half of South Asia Vulnerable to Climate ‘Hotspots’: World Bank

Changes in temperature and rainfall will impact almost half of South Asia in the coming decades, reducing economic growth in one of the world’s poorest regions, the World Bank said. A World Bank report released on Thursday [June 28] analyzes …

Green Cat Bonds Aren’t a Thing – Yet

Green cat bonds. That slinky phrase is one that Greg Lowe, global head of resilience and sustainability for Aon, would enjoy hearing uttered frequently in the near future. Lowe has been talking with an increasing number of people in the …

World Bank Catastrophe Bonds to Provide Mexico with Disaster Cover of $360M

The World Bank Group issued its largest catastrophe bond, providing Mexico with financial protection of as much as $360 million against losses from tropical cyclones and earthquakes. Mexico is among the countries most vulnerable to natural disasters, the bank said …