We
saw with Ebola that, even after both triggers—1) a minimum 250 victims and 2) the crossing of an international border—were reached, the World Bank's Pandemic Emergency Facility was very reluctant to declare the payout, eliciting some snark from yours truly:
"And if the cross-border contagion is reported on a day ending in a 'Y'
all contracts will be null-and-void and coverage denied."
Here's coronavirus from Artemis, February 3:
The developing and still worsening outbreak of a novel coronavirus in
China has not yet caused any price response from the World Bank’s
pandemic catastrophe bond transaction.
As we explained last week,
the novel coronavirus (2019-nCoV) outbreak that began in the city of
Wuhan in Hubei province China could pose a potential threat to the World
Bank’s $320 million IBRD CAR 111-112
catastrophe bond that provides a source of insurance or reinsurance
capital to back the Pandemic Emergency Financing Facility (PEF).
The coronavirus outbreak has the potential to become an eligible event
under the terms of the World Bank’s pandemic catastrophe bond notes if
the outbreak reaches pandemic levels and meets certain pre-defined
criteria in terms of officially confirmed cases and fatalities....MUCH MORE
