The Caribbean Catastrophe Risk Insurance Facility will make a payout of US$70.8 million to the government of Jamaica to cover damages from Hurricane Melissa.
This marks the largest single payout in the history of CCRIF, the Cayman Islands-based parametric catastrophe facility. Subject to final model verification, the payout will be made within 14 days.
“This payout to Jamaica is not just a financial transaction, it is a reaffirmation of CCRIF’s mission to stand with our members in their most difficult moments,” commented CCRIF CEO Isaac Anthony.
Read more: Jamaica Catastrophe Bond Has Now Triggered, Government