The Caribbean Catastrophe Risk Insurance Facility SPC has announced a record payout of $70.8 million to the Government of Jamaica following the devastation caused by Hurricane Melissa — the largest single payout in the organisation’s history.

The funds will be disbursed within 14 days of the event, in line with CCRIF’s rapid-response model designed to provide quick liquidity to governments after disasters.

“This payout to Jamaica is not just a financial transaction; it is a reaffirmation of CCRIF’s mission to stand with our members in their most difficult moments,” said Isaac Anthony, chief executive of CCRIF. “We are proud to support the Government’s swift response and recovery efforts, and remain committed to helping build a more resilient and secure future for all.”

Jamaica is also expected to receive a second payment under its excess rainfall policy, pending final model verification.

The disaster is also likely to trigger a $150 million catastrophe bond the country took out with the World Bank, as reported by Aon.

A founding member of CCRIF since its creation in 2007, Jamaica has integrated the facility’s parametric products — covering tropical cyclones, earthquakes and rainfall — into its broader disaster risk financing strategy.

Its tropical cyclone policy was automatically triggered three days after Hurricane Melissa crossed the island.

The latest payout brings Jamaica’s total received from CCRIF to $100.9 million, including $26.6 million after Hurricane Beryl in 2024 and earlier payments for Tropical Cyclones Zeta and Eta in 2020.

Notably, Bermuda is also a participating member of CCRIF SPC.

Since inception, CCRIF has made 81 payouts totalling $462 million to member governments in the Caribbean, the Atlantic and Central America.

The funds have helped countries provide food, water and shelter, repair infrastructure and support recovery in sectors such as agriculture, tourism and education.

Headquartered in the Cayman Islands, CCRIF SPC offers annual coverage exceeding $1.4 billion, with policies that pay out based on the modelled intensity and impact of events rather than on-site damage assessments.