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Danish Red Cross Backs $3M Blockchain Volcano Catastrophe Bond
The volcanos, situated in Cameroon, Chile, Colombia, Ecuador, Guatemala, Indonesia and Mexico, were selected based on "the significant humanitarian threat they represent."
The Danish Red Cross has partnered with a number of firms to launch the first $3 million blockchain-backed catastrophe bond for volcano-related disasters.
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- The “first of its kind” catastrophe bond will allow the Danish Red Cross to access funds immediately to assist those in need should any one of 10 identified volcanoes erupt, according to a Reuters report.
- The volcanos, situated in Cameroon, Chile, Colombia, Ecuador, Guatemala, Indonesia and Mexico, were selected based on "the significant humanitarian threat they represent, with at least 700,000 individuals living within 60 miles (100 km) radius of a potential eruption," reports the Intelligent Insurer.
- The charity worked with blockchain technology from Replexus, insurance firm Howden Group and risk management platform Mitiga Solutions to launch the bond, offering investors high yields that would not pay out if a catastrophe occurs, said the publications.
- “Our model can anticipate the trajectory of the volcanic ash cloud using prevailing winds to better estimate the impact and more effectively guide CAT bond proceeds," said Alejandro Marti, CEO and co-founder of Mitiga Solutions.
- By using the private blockchain developed by Replexus the charity will reduce costs by $200,000-$400,000 per issue compared to using a traditional settlement system.
- Investors in the catastrophe bond include Schroder Investment Management, Solidum Partners, and Plenum Investments.
Read more: Bitcoin Community Funds Italian Red Cross Medical Facility to Combat Coronavirus
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