Jamaica parametric rain cowl triggered by Beryl, CCRIF payout of US $10.3m due – Artemis.bm

Jamaica’s restoration from the impacts of main hurricane Beryl is ready to profit from a further roughly US $10.3 million payout by the CCRIF SPC, after the storm triggered its extra rainfall coverage underneath the parametric threat switch facility.

Jamaica is benefiting from its multi-layered approach to disaster risk financing, risk transfer and insurance, with numerous layers of the preparations triggered after hurricane Beryl’s eye handed near the island not too long ago.

Already, Jamaica had announced that it expects its parametric tropical cyclone policy provided by the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) to payout, with an estimated US $16.3 million due.

Now, the nation’s Minister of Finance Dr. Nigel Clarke has additionally defined that Jamaica is ready to obtain an additional US $10.3 million from the CCRIF SPC, this time for the triggering of its parametric extra rainfall coverage by rains related to hurricane Beryl.

Clarke defined, “I’ve now obtained the Remaining Modelled Loss and Coverage Fee Report from the Caribbean Disaster Threat Insurance coverage Facility (“CCRIF”) in respect of the GOJ’s Extra Rainfall Coverage which communicates the next:

“The GOJ’s Extra Rainfall Coverage with the CCRIF has been triggered with a fee quantity of approx US $10.3 million or approx J $1.6 billion.”

Clarke went on to focus on that this parametric rainfall insurance coverage payout triggered by hurricane Beryl is further to the one set to be obtained underneath the parametric CCRIF tropical cyclone coverage.

Clarke additional famous that the CCRIF protection sits within the fourth layer of the Authorities of Jamaica’s multi-layered catastrophe threat financing framework, which you’ll be able to see details of in this previous article.

Readers will likely be conscious that Jamaica’s $150 million IBRD catastrophe bond was not triggered by the passage of Beryl near the island.

As we had additionally reported final week, Grenada is ready to obtain a payout of roughly US $44 million from the CCRIF SPC after hurricane Beryl triggered its parametric tropical cyclone, fisheries, and extra rainfall insurance coverage insurance policies.

Additionally learn: Not every risk transfer instrument designed to trigger for every storm: Jamaica MoF.