After the devastating impacts of hurricane Melissa triggered a full $150 million payout of its IBRD CAR Jamaica 2024 parametric catastrophe bond, the rapid funding from this insurance product helped the country recover its electricity network faster than would have otherwise been possible, the government’s Chief Fiscal Economist explained last week.
Speaking at the ILS Bermuda Convergence 2026 conference on the island last week, Terron Francis, Chief Fiscal Economist in the Ministry of Finance & the Public Service, Government of Jamaica highlighted the critical role of risk transfer and insurance risk capital in helping the Caribbean island nation to recover after the impactful storm.
It was enlightening to hear how the proceeds of the catastrophe bond payout were put to immediate use, in helping to restore power to the affected western regions of Jamaica.
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