Jamaica’s restoration from the impacts of main hurricane Beryl is about to learn from an extra roughly US $10.3 million payout by the CCRIF SPC, after the storm triggered its extra rainfall coverage below the parametric danger switch facility.
Jamaica is benefiting from its multi-layered approach to disaster risk financing, risk transfer and insurance, with a lot of layers of the preparations triggered after hurricane Beryl’s eye handed near the island lately.
Now, the nation’s Minister of Finance Dr. Nigel Clarke has additionally defined that Jamaica is about to obtain an extra 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 Last Modelled Loss and Coverage Fee Report from the Caribbean Disaster Danger 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 extra to the one set to be obtained below 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 danger financing framework, which you’ll be able to see details of in this previous article.
Readers shall 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 about 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.
