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World Bank catastrophe bond provides Jamaica $185m in storm protection
Monday, July 19, 2021
WASHINGTON, United States— The World Bank (International Bank for Reconstruction and Development, or IBRD) priced a catastrophe bond that will provide the Government of Jamaica with financial protection of up to US$185 million against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023.
In a statement released on Monday, they shared that the government of Jamaica is the first government in the Caribbean region, and the first of any small island state, to independently sponsor a catastrophe bond. Jamaica was one of the sixteen countries in the Caribbean Catastrophe Risk Insurance Facility that benefitted from IBRD's first ever catastrophe bond in 2014.