Hurricane Beryl Triggers $2.5 Billion CCRIF Disbursement to Jamaica

Hurricane Beryl triggered the Jamaican government’s tropical cyclone policy under the Caribbean Catastrophe Risk Insurance Facility (CCRIF) with a payout of approximately US$16.3 million, or about J$2.5 billion.

Finance Minister Dr Nigel Clarke made the announcement on Monday after receiving a preliminary modelling report on policy losses and payments from CCRIF.

He added that there was no information yet on whether the payment had been triggered under the government’s excess rainfall policy under the CCRIF.

The CCRIF policies constitute the fourth tier of a multi-layered disaster risk financing framework that the Government is proposing.

Last week, Clarke announced that Jamaica would first tap the Emergency Fund and the Natural Disaster Fund, totaling $4.5 billion, to fund recovery efforts following Hurricane Beryl.

Clarke also indicated that the country could have access to other funds if Jamaica files a Contingent Credit Claim with the Inter-American Development Bank. These funds total as much as $46 billion.

In addition, the Jamaican government has a $140 billion precautionary and liquidity line with the International Monetary Fund (IMF) in case the country finds itself in a cash crisis. However, Clarke does not foresee such a scenario.

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