Jamaica Catastrophe Bond Has Now Triggered, Government Says (1)

Jamaica’s catastrophe bond has now triggered as a result of the fallout from Hurricane Melissa, the government said.

“Over the next few weeks we’ll get more details into what the payout is,” Dana Morris Dixon, minister of education, skills, youth and information, said in a briefing from the prime minister’s office on Friday.

Jamaica’s $150 million cat bond, which was arranged by the World Bank, is designed as the ultimate backstop to help provide funds to pay for only the most extreme weather events. The last time a weather-related cat bond paid out in full was in connection with ...