THE chief executive officer of the Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), Isaac Anthony, has described Hurricane Melissa, which struck Jamaica in October last year, killing 45 people and causing more than US$9 billion in damage, as the “most defining event” of 2025.

Anthony said the devastation caused by the Category 5 storm across Jamaica and parts of the northern Caribbean underscored the accelerating climate risks facing the region. In response, CCRIF paid out US$91.9 million to the Jamaican Government under its tropical cyclone and excess rainfall policies — the largest combined payout in the facility’s history.

“These funds were disbursed within our 14-day window, providing rapid liquidity to stabilise essential services, support vulnerable populations, and jump-start recovery efforts,” Anthony said.

Beyond payouts, CCRIF saw strong member support in 2025. All members renewed their parametric insurance policies, bringing total coverage to US$1.44 billion. Membership expanded to 35 countries and utility companies across the Caribbean and Central America, strengthening the risk pool and reinforcing CCRIF’s position as the world’s largest multi-country, multi-peril risk pool.

Anthony said a major post-Melissa initiative was the launch of the Livelihood Protection Policy, extending parametric microinsurance to low-income and climate-exposed groups such as farmers, fisherfolk, market vendors and seasonal tourism workers. The product is expected to be rolled out across several Caribbean countries in 2026, starting with Jamaica. CCRIF also introduced a new runoff model to better address inland flooding risks.

He added that 2025 also marked the completion of CCRIF’s Strategic Plan 2025–2030, outlining seven objectives including scaling microinsurance to five million people, using AI to enhance modelling, and developing new products for sectors such as agriculture, housing, tourism and renewable energy.