jamaica

Jamaica’s first catastrophe bond, the IBRD CAR 130 transaction, has now been successfully priced and the Caribbean island nation has secured the upsized target of $185 million of coverage, with pricing closer to the upper-end of guidance.

The first catastrophe bond for Jamaica, which as we were first to report ten days ago launched as a $175 million IBRD CAR 130 transaction with the support of the World Bank, is now said by our sources to have a chance of closing a little larger, at $185 million in size.

The first catastrophe bond to benefit the Caribbean island nation of Jamaica has now been launched to investors, with the IBRD CAR 130 transaction, that is being issued via the World Bank, set to provide the Government with a $175 million or greater source of named tropical storm and hurricane disaster insurance protection.

Jamaica is seeking a greater level of cover from the Caribbean and regional disaster risk financing initiative the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) as it works with the World Bank to enhance disaster resilience.

Our latest update on hurricane Sandy can be found here. Insurers, reinsurers and catastrophe bond investors will no doubt be going home this weekend with the little matter of hurricane Sandy on their minds. The hurricane which has now passed through the Caribbean and Bahamas, leaving 21 people dead and some fairly significant damage in […]

Our latest update on hurricane Sandy can be found here. Those who have followed our earlier articles on hurricane Sandy will know that the National Hurricane Center forecast maps have shown the storm staying offshore of the U.S. east coast as it heads north. Meanwhile, some of the forecast models have shown an east coast […]

Our latest update on hurricane Sandy can be found here. As forecast, Hurricane Sandy made landfall on Jamaica as a category 1 hurricane with maximum sustained winds of 80mph. Fueled by warm waters around Jamaica Sandy intensified before landfall, lashing the islands shanty towns. After Jamaica, Cuba is the next destination to feel the full […]

Our latest update on hurricane Sandy can be found here. Tropical storm Sandy is the 18th named storm of the 2012 Atlantic tropical storm and hurricane season, a season which has now surpassed any of the forecasts for the number of storms which would form in the year. Despite this activity in storm formation, damages […]

A magnitude 4.7 earthquake struck just off the southwest coast of Jamaica on the 16th May. The event was felt widely across western Jamaica and it was the latest in a series of tremors to affect the Caribbean island. No extensive damage or deaths were recorded although the ground was reported to have shaken for […]

The Government of Jamaica has decided to extend the coverage it receives from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to include cover for flooding and periods of unusually heavy rainfall. The Minister of Finance told the press that he expected the extension to the facility to come into effect by the end of January […]