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
Investors in a catastrophe bond tied to Jamaica look set to experience a trigger event as Hurricane Melissa barrels toward the Caribbean island as a Category 5 storm. “Based on current models there is a high chance that there will be at least a partial payout” of Jamaica’s cat bond, said Florian Steiger, chief executive … Read more