Jamaica gets $500m Tropical Cyclone Zeta/Eta pay-out from CCRIF policy

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Jamaica gets $500m Tropical Cyclone Zeta/Eta pay-out from CCRIF policy

Tuesday, January 26, 2021

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KINGSTON, Jamaica — Minister of Finance and the Public Service, Dr Nigel Clarke announced yesterday that the Government received a payment of $500 million in December last year in respect of the 2020/21 Excess Rainfall policy, held with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) Segregated Portfolio Company.

The ministry said the pay-out was in relation to the intense and persistent rainfall associated with Tropical Cyclones Zeta and Eta in October and November, respectively. The heavy rainfall caused loss of lives and significant damage, particularly to the country's road network. The funds will be used primarily to cover the costs of repairs to the most damaged sections of our road network, the ministry said.

“We know from experience of Jamaica's susceptibility to natural disaster events including flooding, and the significant damage it can cause to our infrastructure, which is why we have implemented a multi-layer strategy with a menu of financial instruments to manage the financing of disaster risk,” Dr Clarke said.

“As we continue to simultaneously respond to the COVID-19 pandemic, this payout, and certainly our participation in CCRIF generally, as well as other similar facilities, reduces the need for the shifting of fiscal resources from other priority areas to respond to disasters,” he added.

The ministry said the country's subscription to CCRIF, forms part of the government's larger, multi-year framework developed to manage the financing of disaster risk.

Other elements of the country's Disaster Risk Financing Framework include a Contingency Credit Facility with the IDB and the capitalising of our own Contingencies Fund.

The ministry said the government continues to work on Catastrophe Bond through the World Bank, the placement of which has been delayed due to the COVID-19 pandemic.

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