Jamaica eyes cat bond with World Bank

The Jamaican government is looking to develop a long-term disaster risk financing strategy including catastrophe bonds with The World Bank Group, Artemis.bm reports. The World Bank called on the Jamaican government to implement a risk-layering approach using financial instruments such as parametric insurance to cover catastrophes of varying frequency and severity. A report by the World Bank found that hurricanes and floods cause more than $120 million worth of damage in Jamaica per year.

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