Browsing: hurricane insurance

A Westmoreland hospitality business that has held its property insurance for over 30 years is still waiting for its Melissa claim to be resolved seven months after the storm. The case has become a catalyst for calls on the FSC and parliament to impose minimum standards on insurance claim processing in Jamaica.

Six months after Melissa, business owners across the western parishes are still waiting for insurance payouts. The delays are exposing structural weaknesses in Jamaica’s property and commercial insurance market that the Financial Services Commission and the government are being pressed to address before the next hurricane season.

The CCRIF paid Jamaica US$91.9 million within 14 days of Hurricane Melissa, the largest payout in its history. The speed of parametric insurance contrasts sharply with the months-long delays in private property claims. A new microinsurance product for fisherfolk, farmers and low-income workers in Jamaica is being rolled out in 2026.

News Roundup Jamaica bought insurance from the capital markets via a US $150 million catastrophe (“cat”) bond arranged with…