Jamaica’s Minister of Finance, Dr. Nigel Clarke, has revealed that the country’s Excess Rainfall Policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been triggered following Hurricane Beryl, providing Jamaica with an additional $10.3 million of relief.
This amount is in addition to the $16.3 million announced last week, which was triggered by Jamaica’s Tropical Cyclone Policy with CCRIF. Clarke explains that through the government’s negotiations with CCRIF, Jamaica has seen two payouts in the past four years as opposed to one in thirteen years under the previous policy.
As previously reported, Jamaica’s policies with the CCRIF represent the 4th layer in the multilayered disaster risk financing framework, just beneath the residual risk that Jamaica’s $150 million IBRD catastrophe bond provides protection for (see image below). In related news, it was also recently reported that CCRIF will make payouts totalling around $44 million to the Government of Grenada following the passage of Hurricane Beryl, which triggered all of its parametric policies.
At $42.42 million, the payout to Grenada on its Tropical Cyclone Policy has become the single largest payout by CCRIF. Haiti had the single largest payout from CCRIF before, having received just under $40 million, following the 2021 earthquake.
The other payouts to Grenada include $1.06 million for the COAST (fisheries sector) Policy and $548,850 for the Excess Rainfall Policy.
