The World Bank has said that it expects to mobilise a broad package of financial support to aid Jamaica’s recovery from major hurricane Melissa and the development organisation has now stated that a payout of the country’s catastrophe bond is deemed likely.
This is notable, as the World Bank facilitated and supported the issuance of Jamaica’s $150 million IBRD CAR Jamaica 2024 parametric catastrophe bond.
The World Bank has worked to assist countries in accessing disaster risk insurance financing from the capital markets for well over a decade now and it plays a critical role across more than just cat bonds, having developed and led numerous projects for disaster risk insurance roll-out around the globe.
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