Jamaica to get $70.8m parametric CCRIF payout for hurricane Melissa winds
CCRIF SPC, the Caribbean and Central America Parametric Insurance Facility and Development Insurer, is set to make its biggest single payout after after major hurricane Melissa triggered Jamaica’s tropical cyclone policy. There could be more parametric risk transfer payout financing to come as well, as CCRIF said that the Government of Jamaica is expected to […]
World Bank says Jamaica catastrophe bond payout “likely” for hurricane Melissa
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 […]
Bloomberg UK: Jamaica Catastrophe Bond Has Now Triggered, Government Says
Jamaica’s catastrophe bond has now triggered as a result of the fallout from Hurricane Melissa, the government said. FULL ORIGINAL PUBLICATION HERE
Hurricane Melissa estimated single-digit billion insured loss. Cat bond payout likely: Aon
In the weekly Impact Forecasting report from Aon, the company said that major hurricane Melissa’s impacts on Jamaica are likely to drive economic and insured losses into the single-digit billions of dollars, while also confirming parametric structures are likely to respond due to the storms severity. The insurance and reinsurance broker explained that, for Jamaica, […]
Migdal Insurance sponsoring $100m Turris Re Israel earthquake cat bond
Migdal Insurance Company Ltd., an Israeli insurance, pension and financial service company, is the latest first-time sponsor entrant to the catastrophe bond market, as it targets $100 million of earthquake reinsurance covering exposure in Israel through a new Turris Re Ltd. (Series 2025-1) transaction, Artemis understands from sources. This year has seen an influx of first-time cat bond […]
How Jamaica took out an insurance policy for itself, and why it’s about to pay off after Hurricane Melissa
$150M US ‘catastrophe bond’ issued last year headed to full payout, will provide Jamaica immediate help For the past decade, Jamaica has been building layers of financial protection in the event of a natural disaster. Now, after Hurricane Melissa tore through the country, destroying homes, roads and essential infrastructure, the country’s strategy might pay off […]
ESMA UCITS cat bond issue “a kind of power struggle between national regulators” – Plenum’s Grieger
With some months now passed since the ESMA recommendation regarding the eligibility of catastrophe bonds within UCITS investment fund structures, Daniel Grieger of Plenum Investments has highlighted how national regulators are not all in agreement. The European Securities and Markets Authority’s (ESMA) made a recommendation in June to the European Commission not to allow catastrophe bonds as […]
Economic impact of Melissa could reach 30–250% of Jamaica’s GDP: BMS
BMS has warned that the total economic impact of Hurricane Melissa could reach 30–250% of Jamaica’s GDP, potentially triggering a deep recession, widespread unemployment, a sharp decline in tourism, and severe strain on local banks and insurers, placing heavy pressure on public borrowing to fund recovery efforts. After making landfall near Crawford, Jamaica, BMS said […]
Jamaica’s cat bond “doing what it was designed to do” – Lefferdink, Aon Securities
As the catastrophe bond market awaits an official determination on the potential payout of Jamaica’s $150 million IBRD CAR Jamaica 2024 parametric cat bond after hurricane Melissa, a representative of one of the deal’s structuring agents has said that early signs are that the cat bond structure is “doing what it was designed to do.” Chris Lefferdink, […]
BMA strengthens Bermuda’s position in innovative insurance solutions
The Bermuda Monetary Authority (BMA), Bermuda’s integrated regulator and supervisor for the financial services sector, continues to drive innovation in the Insurance Linked Securities (ILS) market. The BMA highlights that Bermuda’s ILS market is built on a foundation of prudence and practicality, underpinned by a regulatory framework designed to respond to the evolving needs of […]