Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
    • Business Bites
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
Jamaica draws down $500-million catastrophic payout
CLARKE...payout was relatedto the intense and persistentrainfall associated with TropicalCyclone Zeta in October lastyear, and Eta the followingmonth in November, whichcaused loss of lives andsignificant damage, particularlyto the country's road network
Business
January 26, 2021

Jamaica draws down $500-million catastrophic payout

Payment will be used to cover repairs to the most damaged road network

The Government of Jamaica (GOJ) has drawn down $500 million in catastrophic payout from its Caribbean Catastrophe Risk Insurance Facility (CCRIF).

The payment, which was made last month was in respect of Jamaica’s claim in its 2020/21 Excess Rainfall policy, held with CCRIF Segregated Portfolio Company, which was created to limit the financial impact of natural hazard events to Caribbean and Central American governments by quickly providing short-term liquidity when a policy is triggered.

CCRIF offers parametric insurance policies for tropical cyclones, earthquakes, excess rainfall and the fisheries sector.

The insurance facility currently has 23 member states. Finance Minister Dr Nigel Clarke, who made the announcement, said the payout was related to the intense and persistent rainfall associated with Tropical Cyclone Zeta in October last year and Eta, the following month in November, which caused loss of lives and significant damage, particularly to the country’s road network.

INSURANCE PROCEEDS TO FUND REPAIR TO DAMAGED ROAD NETWORK

He disclosed that the CCRIF payout will be used primarily to cover the cost of repairs to the most damaged sections of our road network.

In a statement to the media, the finance minister indicated that this disaster risk insurance policy was taken out because of Jamaica’s experience of being susceptible to natural disaster events including flooding.

Pointing to the significant damage natural disasters can cause to the country’s infrastructure, Dr Clarke stated that this is the reason why the Government of Jamaica sought to implement a multilayer disaster management strategy with a menu of financial instruments to manage the financing of disaster risk.

He said that as Jamaica continues to simultaneously respond to the novel coronavirus pandemic, this payout and certainly the country’s participation in CCRIF and other similar facilities will reduce the need for the shifting of fiscal resources from other priority areas to respond to natural disasters.

Jamaica’s subscription to CCRIF forms part of the Government’s larger, multiyear framework developed to manage the financing of disaster risk.

Minister Clarke pointed to other elements of the GOJ’s Disaster Risk Financing Framework including a Contingency Credit Facility with the Inter-American Development Bank (IDB) and the capitalising of the country’s own Contingencies Fund.

He said the GOJ is continuing to work on Catastrophe Bond through the World Bank, the placement of which has been delayed due to the novel coronavirus pandemic.

CCRIF FORMATION

In 2007, the CCRIF was formed as the first multi-country risk pool in the world and was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets.

In 2014, the facility was restructured into a segregated portfolio company (SPC) to facilitate offering new products and expansion into new geographic areas and is now named CCRIF SPC. It is owned, operated and registered in the Caribbean.

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Man shot at Big Wall carnival party
Latest News, News
Man shot at Big Wall carnival party
April 12, 2026
A man was injured in a shooting incident at the Big Wall party at Ranny Williams Entertainment Centre during carnival festivities in St Andrew on Sund...
{"jamaica-observer":"Jamaica Observer"}
‘A Hit Mek’ charts journey of Jamaica’s music heritage
Latest News, News
‘A Hit Mek’ charts journey of Jamaica’s music heritage
BY CURTIS MYRIE 
April 12, 2026
Author Rohan Budhai has pulled back the curtain on Jamaica’s rich musical legacy with  A Hit Mek , a 560-page publication that explores the island’s c...
{"jamaica-observer":"Jamaica Observer"}
Vernal Sage believes in ‘Good over evil’
Entertainment, Latest News
Vernal Sage believes in ‘Good over evil’
April 12, 2026
Reggae artiste Vernal Sage (pronounced Sajay) is on a mission to inspire change, expressing confidence that his latest single,  Good Over Evil , can u...
{"jamaica-observer":"Jamaica Observer"}
EU chief von der Leyen hails Orban defeat
International News, Latest News
EU chief von der Leyen hails Orban defeat
April 12, 2026
BRUSSELS, Belgium (AFP) — The head of the European Union, Ursula von der Leyen, on Sunday welcomed the defeat of Hungary's Prime Minister Viktor Orban...
{"jamaica-observer":"Jamaica Observer"}
Orbán concedes defeat as Opposition sweeps Hungary’s elections after 16 years
International News, Latest News
Orbán concedes defeat as Opposition sweeps Hungary’s elections after 16 years
April 12, 2026
Viktor Orbán conceded defeat in Hungary’s elections on Sunday, ending his 16-year rule as the Opposition surged to a commanding victory. USA Today rep...
{"jamaica-observer":"Jamaica Observer"}
Man City must respect Arsenal in title showdown
International News, Latest News
Man City must respect Arsenal in title showdown
April 12, 2026
LONDON, United Kingdom (AFP) — Pep Guardiola insisted Manchester City must respect Arsenal when they face the Premier League leaders in a seismic titl...
{"jamaica-observer":"Jamaica Observer"}
Man suspected of killing twins in central France
International News, Latest News
Man suspected of killing twins in central France
April 12, 2026
BORDEAUX, France (AFP) — A man in his 60s was suspected of killing twin women on Sunday in a central French village, one of whom was his ex-partner, o...
{"jamaica-observer":"Jamaica Observer"}
Mt Pleasant’s Peter Gould steps down from PFJL Finance Commitee
Latest News, Sports
Mt Pleasant’s Peter Gould steps down from PFJL Finance Commitee
April 12, 2026
KINGSTON, Jamaica - Chairman of Mt Pleasant FA, Peter Gould, has stepped down with immediate effect from the Finance Committee of Professional Footbal...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct