Singapore to extend ILS grant scheme to cover non-APAC cat bond risks again
Having made its insurance-linked securities (ILS) grant scheme more restrictive back in 2023, to only offer the grant to catastrophe bonds or ILS covering regional risks from Asia Pacific, Singapore is reversing that move and expanding the ILS grant offering once again to cover cat bond risks from other locations around the globe, it appears. […]
No adverse ILS market reaction expected from Melissa cat bond payout: Fitch
As Jamaica awaits an official determination on a potential $150 million payout from its IBRD CAR Jamaica 2024 parametric catastrophe bond from Hurricane Melissa, ratings agency Fitch has said that it does not expect to see any adverse reaction from the insurance-linked securities (ILS) market as a result of the payout. As we reported last week, Jamaica’s IBRD CAR […]
Jamaica to get $70.8m parametric CCRIF payout for hurricane Melissa winds
CCRIF SPC, the Caribbean and Central America Parametric Insurance Facility and Development Insurer, is set to make its biggest single payout after after major hurricane Melissa triggered Jamaica’s tropical cyclone policy. There could be more parametric risk transfer payout financing to come as well, as CCRIF said that the Government of Jamaica is expected to […]
World Bank says Jamaica catastrophe bond payout “likely” for hurricane Melissa
The World Bank has said that it expects to mobilise a broad package of financial support to aid Jamaica’s recovery from major hurricane Melissa and the development organisation has now stated that a payout of the country’s catastrophe bond is deemed likely. This is notable, as the World Bank facilitated and supported the issuance of […]
Bloomberg UK: Jamaica Catastrophe Bond Has Now Triggered, Government Says
Jamaica’s catastrophe bond has now triggered as a result of the fallout from Hurricane Melissa, the government said. FULL ORIGINAL PUBLICATION HERE
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, […]
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 […]
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, […]
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 […]