Swiss Re head says investors have taken the Melissa redemption in stride
Jamaica’s full US$150 million catastrophe bond payout after Hurricane Melissa, one of the largest sovereign cat-bond redemptions in recent years, is reverberating through the insurance-linked securities (ILS) market. The World Bank confirmed on Nov. 7, 2025 that Jamaica’s 2024 catastrophe bond, issued through its International Bank for Reconstruction and Development (IBRD), triggered a full 100% payout after independent analysis by AIR Worldwide found that Melissa met the bond’s pre-agreed parametric thresholds for both central pressure and storm track.
Within the ILS community, the event is drawing attention as a fresh test of investor appetite and system resilience after a high-profile sovereign loss. Despite the size of the redemption, investors are neither rattled nor retreating, according to Swiss Re’s Jean-Louis Monnier.
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