Jamaica: World Bank cat bond still underway. Gets CCRIF rainfall payout for Zeta & Eta

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Jamaica continues to work with the World Bank on a first catastrophe bond for the country the Finance Ministry has said and reflecting the importance of disaster risk financing, in recent weeks it has received a roughly $3.5 million payout under its parametric CCRIF insurance coverage.

The payout comes after the torrential rainfall from tropical cyclones Zeta and Eta impacted the Caribbean island nation triggered the parametric excess rainfall protection that Jamaica has.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) provides excess rainfall parametric insurance coverage, as well as parametric risk transfer for peak perils such as hurricanes and earthquakes.

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