hurricane Beryl 2024

The Government of Jamaica has prepared itself for the 2025 hurricane season with a further increase to its National Natural Disaster Risk Financing Policy arrangements, with the largely parametric reserves and contingent financing augmented with parametric insurance and its World Bank catastrophe bond.

Jamaica’s holistic disaster risk financing (DRF) strategy provided enough access to funding following the impacts of Hurricane Beryl, according to Conor Meenan, Lead Risk Finance Adviser at the Centre for Disaster Protection, despite the World Bank facilitated $150 million parametric IBRD CAR Jamaica catastrophe bond not being triggered.

Skyline Partners, a full-service provider in the parametric insurance supply chain, and global reinsurer Munich Re have revealed that a partial claim under a parametric insurance policy triggered by Hurricane Beryl has been paid out to the Jamaican Co-operative Credit Union League (JCCUL).

Communications specialist Liberty Latin America is expecting a $44 million payout from parametric weather derivatives after the passage of hurricane Beryl triggered these instruments for the company.

The Texas Windstorm Insurance Association (TWIA) has said that with it estimating losses of $400 million from hurricane Beryl making landfall in the state, it now believes most if not all of its Catastrophe Reserve Trust Fund (CRTF) may be eroded, something that will have implications for its funding and maybe for its reinsurance buying.

Following the onslaught of hurricane Beryl, the Government of Grenada has now received its US $44 million payout from the CCRIF SPC after its parametric insurance was triggered, but in addition the islands utilities have received a further $11.5 million from separate parametric insurance arrangements.

The latest estimate of insurance market losses in the United States after hurricane Beryl comes from the Extreme Event Solutions group at Verisk, who put US onshore wind-only losses from the hurricane at between $2 billion and $3 billion.

After the onslaught of hurricane Beryl in the Caribbean, it transpires that the reinsurance program backing the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has been triggered, with the Natural Disaster Fund (NDF) one of those channelling capital to support CCRIF payouts made.

The Natural Disaster Fund (NDF), a public-private partnership funded by UK and German governmental entities and managed by Global Parametrics, has made US $1.45 million in payouts in Grenada after a windspeed cat-in-a-polygon parametric arrangement was triggered by hurricane Beryl.

The US private market insurance industry loss from recent hurricane Beryl’s impacts is estimated to fall in a range of $2.5 billion to $4.5 billion by Moody’s RMS, with the risk modeller saying that its best estimate for the industry loss is $3.7 billion.