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 Cayman Islands have a story familiar to many in insurance—entering the industry unexpectedly from somewhere else. In fact, the islands went from sustaining the economy as an exporter of thatch rope to becoming a thriving reinsurance hub in just over 50 years. Now, the islands are seeking qualified jurisdiction status with insurance regulatory authorities … 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