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Jamaica using own funds to pay risk margin on World Bank catastrophe bond renewal

When Jamaica first ventured into the catastrophe bond market it was with the support of donor funding that paid the premiums for the 2021 issuance, but with its successful renewal issuance of the cat bond settled this week, it transpires that Jamaica has this time paid for the protection out of its own funds.

Jamaica had previously secured $185 million of hurricane insurance protection on a parametric trigger basis back in July 2021.

Financial support to get that first Jamaica cat bond to market came from the United States government through the US Agency for International Development (USAID), the World Bank’s Disaster Protection Program with funding by the United Kingdom, and also the Global Risk Financing Facility (GRiF) supported by Germany and the United Kingdom.


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