IBRD CAR Jamaica 2024

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.

Dr. Nigel Clarke, the Minister of Finance of Jamaica and the driver of that country’s multi-layered approach to disaster risk financing that includes the first catastrophe bond for a small-island state has been proposed to become a Deputy Managing Director of the International Monetary Fund (IMF).

According to sources, after hurricane Beryl came very close to triggering Jamaica’s $150 million IBRD CAR Jamaica 2024 catastrophe bond, there has been a slight decline in where it is marked on some pricing sheets, but this is thought only to account for minor uncertainty related to the potential for its track and meteorological data […]

While Jamaica won’t receive a payout from its catastrophe bond after hurricane Beryl passed close to the island but was not intense enough, or a direct hit, to activate that structure’s trigger, the fact the country has a multi-layered disaster risk financing strategy means liquidity is available, the country’s Minister of Finance Dr. Nigel Clarke […]

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.