Jamaica To Receive Record US$70.8 Million Payout From Caribbean Catastrophe Risk Insurance Facility

By NAN Business Editor

News Americas, KINGSTON, Jamaica, Sat. Nov. 1, 2025: In the wake of Hurricane Melissa’s devastating impact, the Caribbean Catastrophe Risk Insurance Facility, (CCRIF-SPC) has announced a record-breaking US$70.8 million payout to the Government of Jamaica — the largest single payout in the organization’s history.

The Cayman Islands-based Caribbean and Central America Parametric Insurance Facility said the funds will be disbursed within 14 days, pending final model verification, in line with CCRIF’s commitment to speed and transparency.

An aerial view shows damaged buildings in the aftermath of Hurricane Melissa, in Westmoreland, Jamaica, on October 31, 2025. At least 19 people in Jamaica have died as a result of Hurricane Melissa which devastated the island nation when it roared ashore this week, a government minister told news outlets late October 31. (Photo by RICARDO MAKYN/AFP via Getty Images)

“This marks the largest single payout in CCRIF’s history and is a powerful demonstration of the organization’s parametric insurance model,” CCRIF said in a statement. This payout is Jamaica’s fourth from CCRIF, bringing the country’s total receipts to US$100.9 million since joining the facility in 2007. Previous payments included US$26.6 million following Hurricane Beryl in 2024 and earlier disbursements after Tropical Cyclones Zeta and Eta in 2020.

CCRIF Chief Executive Officer Isaac Anthony emphasized the organization’s role as a steadfast partner in the region’s resilience efforts. “This payout to Jamaica is not just a financial transaction – it’s a reaffirmation of CCRIF’s mission to stand with our members in their most difficult moments. We are proud to support the Government’s swift response and recovery efforts, and we remain committed to helping build a more resilient and secure future for all.”

Jamaica may also qualify for a second payout under its excess rainfall policy, pending final verification. CCRIF noted that rainfall assessments typically take longer due to the complexity of localized flooding and storm distribution. The government’s proactive approach to disaster financing has allowed for rapid access to liquidity, with CCRIF’s tropical cyclone policy triggering automatically based on modeled loss values just three days after Hurricane Melissa made landfall.

“Jamaica’s strategic foresight has enabled quick access to funds essential for emergency relief,” CCRIF said, adding that it continues to explore additional coverage options for utilities and fisheries to strengthen Jamaica’s disaster protection framework.

According to Information Minister Dr. Dana Morris Dixon, the official death toll from Hurricane Melissa has climbed to 19, with recovery operations still ongoing across the island.

World Bank Mobilizes Support
The World Bank also pledged broad support for Jamaica, stating that a comprehensive assistance package is ready to be deployed to aid recovery and reconstruction efforts.

“Our thoughts are with the people of Jamaica as they face the devastating impact of Hurricane Melissa,” the World Bank said in a statement. “We are working closely with the Government of Jamaica and international partners, including the Inter-American Development Bank, to carry out a rapid post-disaster damage assessment and help guide immediate relief and recovery efforts.” The Bank lauded Jamaica’s advanced disaster risk financing system, describing it as a model of preparedness and resilience for the Caribbean.

The upcoming assistance package will combine quick-disbursing emergency finance, potential payouts from a World Bank catastrophe bond, redeployment of existing project funds, and private sector support via the International Finance Corporation, (IFC).

“Our teams are prepared to provide technical advice and implementation support to help Jamaica recover and rebuild stronger, ensuring reconstruction contributes to long-term resilience and sustainable growth,” the statement concluded.