AM Best has said reinsurance capital will take a meaningful share of the losses suffered, while broker BMS Group's Andrew Siffert said the industry loss could exceed $5 billion
Reinsurers to take Melissa losses. $5bn+ mooted | | | Hurricane Melissa losses in Jamaica likely to fall to reinsurers, says AM Best. BMS suggests $5bn+  With footage coming out of Jamaica after major hurricane Melissa made landfall yesterday showing the damage left in the extreme storms path, rating agency AM Best has said reinsurance capital will take a meaningful share of the losses suffered, while broker BMS Group's Andrew Siffert said the industry loss could exceed $5 billion. Hurricane Melissa made landfall yesterday with sustained winds of around 185 mph, according to the National Hurricane Center. The hurricane was one of the most intense ever recorded prior to slamming into Jamaica and now a long road of recovery begins for the Caribbean nation. As we reported in our update at landfall, it seems likely that Jamaica's $150 million World Bank facilitated IBRD CAR Jamaica 2024 parametric catastrophe bond will have been triggered and payout, with the data suggesting a complete exhaustion of this coverage to support Jamaica's recovery. Read the full story. Other articles: | | | | | | Please share this with colleagues and friends if you think they would like to receive it.
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