Australian cyclone derivative ‘proves resilience of traditional cat insurance market’

Cyclone Nilam (Photo - NASA)

An innovative Australian weather risk transaction designed to protect a mining operation from costs incurred by a cyclone event demonstrates the continued appetite for bespoke catastrophe insurance contracts despite the rapid advance of insurance-linked securities (ILS) this year, according to Willis.

The transaction, completed on December 3, protects mining company Roy Hill Holdings from costs arising from delays caused by cyclones that strike the Pilbara region of Western Australia until 2015

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