World Bank Issues $200 Million Catastrophe Bond to Aid Jamaica Against Hurricanes
The World Bank has announced the pricing of a $200 million catastrophe bond aimed at providing financial support to Jamaica in the event of hurricanes. This bond, which was oversubscribed by investors, follows a previous $150 million bond that was fully paid out after Hurricane Melissa caused significant damage. The catastrophe bond is part of Jamaica's strategy to enhance its disaster risk financing framework, as stated by Fayval Williams, Jamaica’s minister of finance and the public service. The bond is designed to offer financial protection against extreme weather events, with the Atlantic hurricane season running from June to November. The World Bank will enter into a risk transfer agreement with the Jamaican government, which will pay a premium for the coverage based on market terms. 
