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 had secured its first cat bond with the assistance of the World Bank back in 2021, with that arrangement providing parametric named storm and hurricane disaster insurance protection from the capital markets across three Atlantic wind seasons.
That $185 million IBRD CAR 130 cat bond transaction for Jamaica matured on schedule at the end of 2023 and we’ve reported a number of times about the country’s appetite to renew it.
