The eruption of Mount Etna, Europe's biggest volcano, in 2002 caused economic losses of $900 million in the months that followed. Currently, some 500 million people worldwide live near 1,500 active volcanoes. (Credit: saiko3p/Shutterstock.com)
The world's first catastrophe bond for volcano-related disasters has been issued on behalf of the Danish Red Cross and was built on a collaboration between private and humanitarian sectors with the support of philanthropic foundations, according to Howden Group Holdings. It will cover 10 active volcanoes, which were selected based on the significant humanitarian threats they pose.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
