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The Government of Jamaica aims to have its World Bank supported catastrophe bond issued and in place, providing a much-needed source of capital market backed disaster insurance protection in advance of the 2021 hurricane season, its Finance Minister said yesterday.

Jamaica continues to work with the World Bank on a first catastrophe bond for the country the Finance Ministry has said and reflecting the importance of disaster risk financing, in recent weeks it has received a roughly $3.5 million payout under its parametric CCRIF insurance coverage.

The Government of Jamaica will continue to work alongside the World Bank and other multi-lateral groups to increase its disaster insurance protection this year, even though its priority is a swift economic recovery after the Covid-19 pandemic.

Jamaica’s catastrophe bond ambitions have been forcibly delayed by the Covid-19 pandemic, as the financial market volatility caused by the coronavirus outbreak has put the Caribbean island nations first cat bond issuance on-hold, according to the country’s finance minister.

Despite the fact a catastrophe bond for Jamaica has not yet come to market, after receiving support to pay premiums for the in-development first issuance the Caribbean island nation is already preparing to budget for its future renewal.

Jamaica’s mission to secure catastrophe bond coverage as part of its disaster risk financing plan continues, with progress being made in terms of risk modelling while the World Bank has funded the country to help in paying cat bond premiums to investors.

The work to issue a catastrophe bond for Jamaica continues, with the World Bank providing risk modelling support and expertise to assist in getting a transaction to market, the countries Finance Minister said.

The Jamaican government has said it is actively working with the World Bank on a catastrophe bond issuance, as the final piece of a disaster risk financing tower for the country is put into place.

The Jamaican government continues to work with the World Bank to identify and develop a long-term disaster risk financing strategy and a report from this work found that Jamaica faces an average of US $121 million of hurricane and flood damages every year.

In a recent speech, the Minister of Finance and the Public Service for Jamaica, Dr. Nigel Clarke, explained that the country needs better disaster risk financing structures in place, with catastrophe bonds cited as one option that may be suitable.