2024 Atlantic hurricane season

Tropical Storm Risk (TSR) has again raised its forecast for activity levels during the 2024 Atlantic hurricane season, with an additional hurricane expected and a prediction that now four Category 1 or stronger storms will make landfall in the United States.

An update from Swiss based catastrophe bond fund management specialist Plenum Investments confirms our earlier analysis, that the track and pressure data for major hurricane Beryl suggests the storm will not have breached the parametric trigger for the $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond.

Jamaica has been battered by the passage of major hurricane Beryl just off its southern coast. But, for holders of the World Bank facilitated $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond transaction, early analysis of the real-time storm track suggests that noteholders will not face any loss of principal.

Overnight, the latest updates to the forecast path of major hurricane Beryl have kept Jamaica’s $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond transaction on watch for its potential to be triggered. Cat bond market participants tell us it may be too late for any trading activity now, but at the same time we’re […]

Should major hurricane Beryl cause any catastrophe bond losses, it would be only a very minor hit to the entire cat bond market, with even a total loss to the Jamaica catastrophe bond would represent a hit to just 33bps of the outstanding market, investment manager Twelve Capital has said.

Catastrophe bond and insurance-linked securities (ILS) fund manager Plenum Investments has said it believes, based on the latest hurricane Beryl forecasts, that a partial payout of Jamaica’s $150 million IBRD CAR Jamaica 2024 catastrophe bond is “likely”, if there is no significant change up to its closest pass to the island.

With major hurricane Beryl churning across the Caribbean towards Jamaica, the country’s Minister of Finance Dr. Nigel Clarke has highlighted the importance of robust disaster risk financing and responsive parametric risk transfer arrangements that are in-place, including its World Bank catastrophe bond.

The latest update from the National Hurricane Center on major hurricane Beryl has seen a notable shift in the forecast track that would take the storm closer to Jamaica with 120 mph or greater winds, a scenario that puts Jamaica’s World Bank catastrophe bond firmly on-watch and we’re told offers in the secondary market have […]

Hurricane Beryl caused significant impacts to some of the Caribbean Windward Islands yesterday and after passing that island chain resumed its intensification, recently being upgraded to a Category 5 storm with 165 mph sustained winds, the strongest hurricane this early in the year on-record for the Atlantic basin. Latest updates.

All eyes will be on the Atlantic tropics over the coming days, as an area of investigation known as Invest 95L is currently forecast, by a number of models, to have the potential to become a hurricane in the Caribbean and perhaps head towards the Gulf of Mexico. See the latest updates here.