‘High probability’ Typhoon Noru will cause World Bank cat bond default: Plenum
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‘High probability’ Typhoon Noru will cause World Bank cat bond default: Plenum

Aisling Finn
26 September 2022
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Zurich-based ILS firm Plenum has said the fallout from Typhoon Noru is likely to result in a default on a World Bank cat bond benefitting the Philippines.

Noru unexpectedly moved south and rapidly intensified over the weekend, battering the Philippines yesterday.

In a note to investors, Plenum said: “Due to the strength of the typhoon and the affected region around the capital Manila, we assume there is...

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