The Finance Minister of Jamaica Nigel Clarke has told Reuters that his country intends to renew its catastrophe bond coverage when it reaches maturity at the end of this year and will do so as a stand-alone cat bond for Jamaica, or as a regional Caribbean wide one if others want to participate.
As we’ve reported before, Jamaica has been promoting its experience as a catastrophe bond sponsor and wants to encourage other nations in the region to join it in sponsoring a Caribbean catastrophe bond, to cover multiple countries.
Caribbean nations have been discussing this possibility with the World Bank for a while now, with a multi-country catastrophe bond for the region seen as an efficient way to access disaster risk financing and insurance capacity from the capital markets.
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