World Bank and CCRIF respond swiftly to Jamaica’s Hurricane Melissa crisis with US$70 million payout

Posted: Monday, November 3, 2025. 12:40 pm CST.

By Aaron Humes: In the wake of Hurricane Melissa’s devastating impact, the international community has mobilized urgent support to assist Jamaica’s recovery efforts. The World Bank Group expressed its solidarity with the Caribbean nation, emphasizing coordinated action with the Jamaican government and regional partners such as the Inter-American Development Bank. The focus is on rapid damage assessment and the deployment of immediate relief measures to mitigate the disaster’s aftermath.

The World Bank Group announced a comprehensive package of emergency aid, including quick-disbursing finance, potential payouts linked to its catastrophe bonds, reallocation of existing project funds, and targeted private-sector support via the International Finance Corporation (IFC). Technical assistance and implementation support are also on standby to help Jamaica rebuild stronger and foster long-term resilience.

Meanwhile, CCRIF SPC — the Caribbean Catastrophe Risk Insurance Facility — confirmed a record-breaking payout of US$70.8 million (J$11.4 billion) to the Jamaican government following Hurricane Melissa. This marks CCRIF’s largest-ever single payout, reflecting its efficient parametric insurance model designed to deliver rapid financial support following natural disasters.

CCRIF’s CEO, Isaac Anthony, highlighted the significance: “This payout is more than a financial transaction; it’s a reaffirmation of CCRIF’s mission to stand with its members during their most difficult moments.” The swift payout, subject to final model verification, is expected within 14 days, enabling Jamaica to promptly address urgent needs such as food, water, shelter, and infrastructure repairs.

In addition, Jamaica is anticipated to receive a second payout under its excess rainfall policy, further strengthening its financial resilience amid complex rainfall impacts. The Jamaican government has historically relied on CCRIF’s insurance products covering tropical cyclones, excess rainfall, and earthquakes, which have allowed timely access to liquidity — often within three days of a disaster event.

As Jamaica begins its recovery from Hurricane Melissa, the combined efforts of international agencies, regional organizations, and the private sector underscore a shared commitment to building a safer, more resilient Caribbean.

 

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The post World Bank and CCRIF respond swiftly to Jamaica’s Hurricane Melissa crisis with US$70 million payout appeared first on Belize News and Opinion on www.breakingbelizenews.com.

Posted: Monday, November 3, 2025. 12:40 pm CST. By Aaron Humes: In the wake of Hurricane Melissa’s devastating impact, the international community has mobilized urgent support
The post World Bank and CCRIF respond swiftly to Jamaica’s Hurricane Melissa crisis with US$70 million payout appeared first on Belize News and Opinion on www.breakingbelizenews.com.