The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme.
As Artemis reported yesterday, the latest catastrophe bond to be issued by and with the support of the World Bank, the IBRD CAR Jamaica 2024 cat bond, has now been priced to provide Jamaica $150 million of named storm disaster insurance protection on a parametric basis over four hurricane seasons.
As we explained, at $150 million the coverage is a smaller amount than secured back in 2021 with Jamaica’s first World Bank cat bond and the notes have priced at a higher level as well, reflective of changed market conditions over the last three years.
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