Jamaica is set to receive a record-breaking $11.4 billion payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) after the devastating impact of Hurricane Melissa. This is the largest payout in CCRIF’s history and will be released to the government within just two weeks — offering fast financial relief when it’s needed most.
With this new payout, Jamaica’s total benefits from CCRIF now exceed US$100 million, following previous payments after Hurricane Beryl in 2024 and storms Zeta and Eta in 2020. Another payout could also be coming soon under the excess rainfall policy, once the final calculations are confirmed.
CCRIF was created in 2007 to help Caribbean nations recover quickly from natural disasters. Instead of waiting months for damage assessments, this parametric insurance model allows governments like Jamaica’s to access funds almost immediately after a storm, based on data such as wind speed and rainfall levels.
CCRIF’s CEO, Isaac Anthony, called this payout a reflection of the organization’s mission to stand with its members during difficult times. The facility also plans to expand its support to key sectors like water, electricity, and fisheries, which were heavily affected by the hurricane.
Hurricane Melissa, a Category 5 storm, tore through Jamaica with powerful winds and flooding, especially in the western parishes. Many communities are still without power, and rebuilding efforts are underway.
This payout shows why financial preparation matters, even on a national level. Just like individuals who insure their homes or build an emergency fund, Jamaica’s membership in CCRIF ensures that help arrives quickly when disaster strikes. It’s a reminder that smart planning and financial resilience can make recovery faster and smoother — whether for a country or for your own household.