Jamaica Secures $200M Catastrophe Bond for Climate Resilience
Jamaica has successfully launched its third and largest catastrophe bond to date, securing $200 million in financial protection against named storms. Strategic...
Jamaica has successfully launched its third and largest catastrophe bond to date, securing $200 million in financial protection against named storms.
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Strategic Financial Move
The bond is a important element of the country's disaster risk financing strategy. If a qualifying storm hits the island, the bond provides immediate liquidity, avoiding the need for the government to take on high-interest emergency debt.
Finance Minister Nigel Clarke noted that this instrument is key for protecting the nation's fiscal gains from being wiped out by a single natural disaster. The bond will provide coverage for three hurricane seasons, offering a critical safety net as climate change increases the frequency and intensity of Atlantic storms.
