Hurricane Beryl triggers $2.5 billion CCRIF payout to Jamaica

Hurricane Beryl has triggered the Government of Jamaica's Tropical Cyclone Policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) with a payment of approximately US$16.3 million or approximately J$2.5 billion. 

Finance Minister Dr Nigel Clarke made the announcement on Monday after receiving the Preliminary Modelled Loss and Policy Payment Report from the CCRIF.

He said there was no word yet on whether a payment has been triggered under the Government's excess rainfall policy with the CCRIF.

The policies with the CCRIF represent the fourth layer in the Government's multilayered disaster risk financing framework.

Last week, Clarke announced that Jamaica will draw on its Contingency Fund and Natural Disaster Fund, totalling $4.5 billion, as the first call on financing to fund recovery efforts from Hurricane Beryl.

Clarke also indicated that the country may have access to others funds were Jamaica to place a 'Contingent Credit Claim' before the Inter-American Development Bank. Those funds amount to as much as $46 billion. 

Additionally, the Government of Jamaica has a $140 billion precautionary and liquidity line with the International Monetary Fund (IMF) were the country to find itself in a cash crunch. But Clarke doesn't anticipate such a scenario emerging.

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