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The decision as to whether Peru’s earthquake exposed IBRD CAR 120 catastrophe bond will payout a portion of the investor principal is expected within 20 days of the magnitude 8.0 earthquake that struck Peru on Sunday 26th May, according to the country’s Finance Minister.
Carlos Oliva, the Minister for Finance and the Economy in the Peruvian government spoke yesterday about the earthquake and the fact that preliminary information suggests that the country will be due a payout of some of the parametric disaster insurance the World Bank issued IBRD CAR 120 catastrophe bond provides.
As we explained on Monday this week, the magnitude 8.0 earthquake struck Peru in a relatively sparsely populated area of the Amazon jungle. However, it was the most intense quake to strike the country in twelve years, with strong shaking was felt as far as 600 miles away from the epicentre and damage widely reported to homes, commercial buildings and infrastructure.