Hurricane Melissa estimated single-digit billion insured loss. Cat bond payout likely: Aon
In the weekly Impact Forecasting report from Aon, the company said that major hurricane Melissa’s impacts on Jamaica are likely to drive economic and insured losses into the single-digit billions of dollars, while also confirming parametric structures are likely to respond due to the storms severity. The insurance and reinsurance broker explained that, for Jamaica, […]
Migdal Insurance sponsoring $100m Turris Re Israel earthquake cat bond
Migdal Insurance Company Ltd., an Israeli insurance, pension and financial service company, is the latest first-time sponsor entrant to the catastrophe bond market, as it targets $100 million of earthquake reinsurance covering exposure in Israel through a new Turris Re Ltd. (Series 2025-1) transaction, Artemis understands from sources. This year has seen an influx of first-time cat bond […]
How Jamaica took out an insurance policy for itself, and why it’s about to pay off after Hurricane Melissa
$150M US ‘catastrophe bond’ issued last year headed to full payout, will provide Jamaica immediate help For the past decade, Jamaica has been building layers of financial protection in the event of a natural disaster. Now, after Hurricane Melissa tore through the country, destroying homes, roads and essential infrastructure, the country’s strategy might pay off […]
ESMA UCITS cat bond issue “a kind of power struggle between national regulators” – Plenum’s Grieger
With some months now passed since the ESMA recommendation regarding the eligibility of catastrophe bonds within UCITS investment fund structures, Daniel Grieger of Plenum Investments has highlighted how national regulators are not all in agreement. The European Securities and Markets Authority’s (ESMA) made a recommendation in June to the European Commission not to allow catastrophe bonds as […]
Economic impact of Melissa could reach 30–250% of Jamaica’s GDP: BMS
BMS has warned that the total economic impact of Hurricane Melissa could reach 30–250% of Jamaica’s GDP, potentially triggering a deep recession, widespread unemployment, a sharp decline in tourism, and severe strain on local banks and insurers, placing heavy pressure on public borrowing to fund recovery efforts. After making landfall near Crawford, Jamaica, BMS said […]
Jamaica’s cat bond “doing what it was designed to do” – Lefferdink, Aon Securities
As the catastrophe bond market awaits an official determination on the potential payout of Jamaica’s $150 million IBRD CAR Jamaica 2024 parametric cat bond after hurricane Melissa, a representative of one of the deal’s structuring agents has said that early signs are that the cat bond structure is “doing what it was designed to do.” Chris Lefferdink, […]
BMA strengthens Bermuda’s position in innovative insurance solutions
The Bermuda Monetary Authority (BMA), Bermuda’s integrated regulator and supervisor for the financial services sector, continues to drive innovation in the Insurance Linked Securities (ILS) market. The BMA highlights that Bermuda’s ILS market is built on a foundation of prudence and practicality, underpinned by a regulatory framework designed to respond to the evolving needs of […]
Melissa insured impacts in the billions. Jamaica cat bond full loss most likely: Twelve Securis
The global insurance and reinsurance industry is facing losses in the billions of dollars after major hurricane Melissa’s devastating landfall and passage across Jamaica, while the country’s $150 million IBRD CAR Jamaica 2024 parametric catastrophe bond is likely to face a full loss, ILS investment manager Twelve Securis has said. In a post-event report, specialist catastrophe bond […]
Hurricane Melissa crosses Jamaica cat bond parametric boxes at 892mb, 100% payout likely
Major hurricane Melissa has intensified further to sustained winds of 185 mph and its minimum central pressure has now deepened to 892mb, which with the storm’s eye now well into the parametric boxes of Jamaica’s $150 million IBRD CAR Jamaica 2024 catastrophe bond suggests a 100% payout of principal is likely. Melissa is now close enough to […]
P&C and life insurers leverage alt capital to navigate market shifts: Deloitte
As per accountancy firm Deloitte’s 2026 Global Insurance Outlook, property and casualty (P&C) and life insurers are increasingly turning to investor-backed and other forms of alternative capital to navigate shifting market conditions. In its 2026 outlook, the firm notes that property and casualty (P&C) carriers will need more flexible capital models that blend self-retained and […]