Jamaica and other member countries of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) will benefit from the first ever catastrophe bond issued by the World Bank. The bond is for US$30 million.
The transaction is the first of the World Bank’s newly created Capital-at-Risk Notes Program and will address earthquake and tropical cyclone risk in CCRIF member countries.
This development was announced on Wednesday by Local Government Minister Noel Arscott, who has portfolio responsibility for Jamaica’s main disaster preparedness and response agency.
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Catastrophe Bond for the Caribbean
