Terron Francis, Chief Fiscal Economist in the Government of Jamaica highlighted the critical role of risk transfer and insurance risk capital in helping the Caribbean island nation to recover after the impactful storm
Jamaica’s cat bond payout funded electricity restoration
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Jamaica’s parametric cat bond payout funded electricity restoration: Chief Fiscal Economist, Francis
 After the devastating impacts of hurricane Melissa triggered a full $150 million payout of its IBRD CAR Jamaica 2024 parametric catastrophe bond, the rapid funding from this insurance product helped the country recover its electricity network faster than would have otherwise been possible, the government’s Chief Fiscal Economist Terron Francis explained last week at the Convergence conference.
He explained how the proceeds of the catastrophe bond payout were put to immediate use, in helping to restore power to the affected western regions of Jamaica. This is a story seldom told in reinsurance and insurance-linked securities markets, that the vital capital sources are both critical for recovery and also help to buffer government budgets from much worse financial effects, when natural catastrophes strike.
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