Reflecting on Hurricane Melissa’s impacts on Jamaica, Hon. Andre Ebanks, MP, Premier & Minister for Financial Services and Commerce, of the Cayman Islands, believes that the British Overseas Territory should also look to financial instruments such as catastrophe bonds for future protection.
We reported last week that the World Bank had confirmed that following the events of Hurricane Melissa, the Government of Jamaica will receive a full 100% payout of its $150 million IBRD CAR Jamaica 2024 parametric catastrophe bond.
According to our market sources, Jamaica is expected to receive the full payout by December 1st.
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