Volcano eruption in Indonesia may activate Danish Red Cross catastrophe bond

Indonesia’s Mount Merapi, one of the country’s most active volcanoes, erupted on March 11. On Tuesday, the volcano once again blew clouds of ash and gas down it slopes, which may activate the Danish Red Cross sponsored volcano catastrophe bond.

The Geological and Volcanic Hazard Reduction Center reported, that the eruption Tuesday lasted for 160 seconds.
Still, the plume height resulting from the eruption is not high enough to activate the catastrophe bond, but it is being monitored closely.

There has been no reports of human losses or material damage, but the center has called on residents and tourists to stay away from the danger zone, which is located within a 5-kilometer range from the top of the mountain.

The last major eruption of Mount Merapi occurred in 2010, killing more than 350 people.

Source: businessinsurance.com

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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