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When Jamaica first ventured into the catastrophe bond market it was with the support of donor funding that paid the premiums for the 2021 issuance, but with its successful renewal issuance of the cat bond settled this week, it transpires that Jamaica has this time paid for the protection out of its own funds.

The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme.

The Government of Jamaica’s new World Bank facilitated catastrophe bond issuance remains at its initial $150 million in size, while the notes issued under this IBRD CAR Jamaica 2024 cat bond are now expected to be priced at the upper-end of initial guidance, Artemis has learned.

The Government of Jamaica has returned to the catastrophe bond market as anticipated, with an initial target to secure at least $150 million in parametric named storm disaster insurance protection from the capital markets through this IBRD CAR Jamaica 2024 cat bond, to cover the country over four hurricane seasons.

Jamaica is looking to renew its catastrophe bond cover that expired at the end of 2023 and the country’s Finance Minister Nigel Clarke said yesterday that a longer-term of protection will be sought with a new cat bond deal, with four hurricane seasons of cover to be the target.

After it was reported that the World Bank targets a significant increase in the use of catastrophe bonds by its client countries, already a number of potential future World Bank cat bond deals are being discussed.

The Finance Minister of Jamaica Nigel Clarke has told Reuters that his country intends to renew its catastrophe bond coverage when it reaches maturity at the end of this year and will do so as a stand-alone cat bond for Jamaica, or as a regional Caribbean wide one if others want to participate.

The government of Jamaica is keen to share its experience as a catastrophe bond sponsor and wants to encourage other nations in the region to consider joining it in sponsoring a Caribbean catastrophe bond, to cover multiple countries, a report states.

When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing Director has said.

Broking group Howden, global reinsurance firm Munich Re and UK insurtech Skyline Partners have teamed up to develop a parametric hurricane insurance product for Jamaican farmers.