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Share Washington – 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. 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, also known as a cat bond. Jamaica was one of the sixteen countries in the Caribbean Catastrophe Risk Insurance Facility that benefitted from IBRD’s first ever cat bond in 2014.

United statesUnited kingdomWorld bankDistrict of columbiaHeike hennJean louis monnierNigel clarkeWasif ahmadPaul schultzJingdong huaJason fraserCarlos felipe jaramilloWorld bank internationalInsurance programGerman federal ministry for economic cooperationPension fund