A lack of bad weather isn’t always a good thing. It looks like the 2025 Atlantic hurricane season is wrapping up in quiet fashion—aside from Hurricane Melissa, which caused catastrophic damage in Jamaica before impacting the surrounding area—without any U.S. landfalls. There are several factors that influenced the tame season, including a weaker Bermuda High … Read more
Investors in Jamaica’s catastrophe bond now face a 100% payout after Hurricane Melissa set off a full trigger event, according to the World Bank. Jamaica’s $150 million cat bond, which was arranged by the World Bank, is designed to provide funds to pay for only the most extreme weather events and is in addition to … Read more
The Caribbean parametric insurer, CCRIF SPC, announced it will make a second payout of US$21.1 million to the government of Jamaica – a policy triggered by excess rainfall from Hurricane Melissa. This payout follows the CCRIF’s first record payment of US$70.8 million to Jamaica to cover damages from Hurricane Melissa triggered by modeled losses from … Read more
Catastrophe modeler KCC estimated that privately insured losses from Hurricane Melissa will be $2.4 billion. This figure is at the top end of another estimate – between $2.2 billion and $4.2 billion – provided earlier this week by data analytics firm Verisk. Cotality, the property intelligence company (formerly known as CoreLogic), also has provided an … Read more
The wreckage caused by Hurricane Melissa in Jamaica is expected to cost insurers $1 billion to $3 billion, according to property intelligence company Cotality. The insured losses are a fraction of the total property damage, which Cotality estimates at $2 billion to $5 billion, though much uncertainty remains amid limited observations of the devastation. Other … Read more
Tropical Storm Melissa began dumping heavy rain on Hispaniola on Tuesday as forecasters warned of a significant flood risk in parts of the Caribbean region later this week. The rains snarled traffic in the Dominican Republic’s capital, Santo Domingo, and at least one traffic light was downed as winds whipped around the city. Games in … Read more