Catastrophe Bonds For Volcano Eruptions To Cover $3M In Aid

Law360, London (March 22, 2021, 2:55 PM GMT) -- An insurance investment vehicle that could pay out up to $3 million in aid cover following a major volcanic eruption has been launched on behalf of a humanitarian charity, brokers involved in the deal said Monday.

The catastrophe bond, a type of insurance product funded through investors, is sponsored by the Danish Red Cross and will provide cover for its relief efforts should any of 10 volcanoes across the world erupt, according to U.K. insurance company Howden Broking.

Catastrophe bonds are an example of insurance-linked securities, or ILS, an asset class that operates in a similar way to traditional reinsurance. Lloyd's...

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