Jamaica secures US$200m hurricane bond as NARA prepares recovery push

Jamaica has secured a new US$200-million catastrophe bond through the World Bank, giving the country hurricane insurance protection up to 2030 as the Government advances several disaster recovery and preparedness measures.

The bond, issued on Tuesday by the International Bank for Reconstruction and Development, replaces the previous US$150-million arrangement that was fully triggered after Hurricane Melissa struck in October 2025. The Ministry of Finance said 25 international investors took part in the latest transaction, up from 15 in the 2024 issue. Payouts will be made if a named storm satisfies set conditions on strength and location. Finance Minister Fayval Williams welcomed the transaction and acknowledged the World Bank and other partners for supporting Jamaica's fiscal resilience.

Prime Minister Dr. Andrew Holness also announced that the National Reconstruction and Resilience Authority Act has received royal assent from the Governor General, making NARA a legal entity. Ambassador retired Major General Antony Anderson has been named chief executive officer, effective Monday, June 1. Dr. Holness said Anderson had already reviewed the State's response to Hurricane Beryl and has experience leading major Jamaican institutions. The Prime Minister said 85 people applied for the post, seven were shortlisted, and three of those were Jamaicans.

Cabinet has settled a first list of recovery projects for NARA, with publication expected within a week. Dr. Holness said early work will focus on projects tied closely to restoring lives and livelihoods, with a target of completion by 2027. The terms of reference and membership invitations for the Jamaica Reconstruction and Resilience Oversight Committee, JAMROCK, are also to be released soon.

The Ministry of Labour and Social Security has launched an online portal for beneficiaries to track applications under the ROOFS repair assistance programme. The site, wepaytoday.com/mlss/beneficiary, is intended to help people who could not redeem vouchers in phase one. Portfolio Minister Pearnel Charles Jr. said artificial intelligence is being used to help close outstanding phase-one cases. A new verification system for phase two, including direct bank deposits, is being piloted and should expand to Westmoreland, St. Elizabeth and St. James within weeks.

Local Government Minister Desmond McKenzie urged Jamaicans to prepare early for the 2026 Atlantic hurricane season, which begins June 1, including trimming trees, managing waste properly and paying attention to public advisories. Separately, the Health Ministry advised the public to reconsider travel to or transit through countries affected by the Ebola outbreak in the Democratic Republic of Congo and Uganda, and said port health checks have been strengthened.