Finance Minister responds to concerns that Jamaica cannot tap into catastrophe-bond funds

Finance Minister Dr Nigel Clarke has sought to explain that not every hurricane will trigger all the financial instruments that the Government has in place to protect the country.

This following concern from some stakeholders that Jamaica cannot tap into catastrophe-bond funds despite Hurricane Beryl’s devastation.

The bonds cannot be tapped into because the air pressure level required for a payout wasn’t exceeded.

Speaking during a Twitter spaces event last evening, Dr Clarke explained that the catastrophe bond was modelled on previous storms that affected the island.

He said it would have been triggered by certain hurricanes that had caused significant damage to Jamaica.

Dr. Clarke said the country does not necessarily want the catastrophe bond to be drawn because that would mean that the country has had a devastating experience.

He added that the lower-level financial instruments have been triggered and Jamaica stands to receive several billion dollars.


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