Melissa

Hurricane Melissa Shows How Quickly Climate Change Is Outstripping Defenses

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Satellite Data Reveals Hurricane Melissa Damage in Jamaica

Jamaica has invested tens of millions of dollars in bolstering coastal defenses by planting mangroves, building seawalls and strengthening urban infrastructure. It wasn’t close to enough to withstand Hurricane Melissa’s 185-mile-an-hour winds and 13-foot storm surge that destroyed thousands of homes, washed away roads and bridges, flooded farm fields and took down the electrical grid. […]

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Catastrophe Bonds Absorb ‘Black Swan’ Event Dealt by Melissa

Health Insurance /
Catastrophe Bonds Absorb ‘Black Swan’ Event Dealt by Melissa

A rare thing is about to happen in the $55 billion market for catastrophe bonds: a trigger event will wipe out 100% of a bond’s principal. Jamaica’s $150 million cat bond has been the subject of controversy since it failed to trigger last year after Hurricane Beryl destroyed large parts of the island. The development

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Jamaica to Get 2nd Parametric Insurance Payout for Excess Rainfall From Storm Melissa

Health Insurance /
Jamaica to Get 2nd Parametric Insurance Payout for Excess Rainfall From Storm Melissa

The Caribbean parametric insurer, CCRIF SPC, announced it will make a second payout of US$21.1 million to the government of Jamaica – a policy triggered by excess rainfall from Hurricane Melissa. This payout follows the CCRIF’s first record payment of US$70.8 million to Jamaica to cover damages from Hurricane Melissa triggered by modeled losses from

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Daily Digest: Hiscox to accelerate AI roll-out, Melissa loss pegged at $2.4bn, Fidelis launches data centre consortium

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ID Daily Digest Thursday

Catch up on the essential news and analysis from the Insurance Day experts       Related Stories Hiscox to accelerate roll-out of AI-enhanced underwriting Fidelis Partnership launches construction consortium for AI data centres  

Daily Digest: Hiscox to accelerate AI roll-out, Melissa loss pegged at $2.4bn, Fidelis launches data centre consortium Read More »

KCC Estimates Privately Insured Losses From Hurricane Melissa Will Hit $2.4 Billion

Auto Insurance /
Here’s How Much Hurricane Melissa Was Worsened by Climate Change

Catastrophe modeling company KCC estimated that privately insured losses from Hurricane Melissa will be $2.4 billion. This estimate includes insured damages to residential, commercial, and industrial properties in Jamaica and Cuba, according to Boston-based Karen Clark & Co. in its “Flash Estimate – Hurricane Melissa,” issued on November 6. KCC’s figure for insured damages is

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Jamaica to Get Record $70.8M Parametric Payout From CCRIF for Hurricane Melissa

Life Insurance /
Jamaica to Get Record $70.8M Parametric Payout From CCRIF for Hurricane Melissa

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced it will make a payout of US$70.8 million to the government of Jamaica to cover damages from Hurricane Melissa. This marks the largest single payout in the history of CCRIF, the Cayman Islands-based parametric catastrophe facility. Subject to final model verification, this payout will be made within

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Daily Digest: Verisk estimates Melissa loss, Gallagher Re launches Apac cyber framework, Global marine premiums climb

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ID Daily Digest Tuesday

Catch up on the essential news and analysis from the Insurance Day experts       Related Stories Global marine premiums climb to $40bn Inflation added around $250bn to US liabilities in 2015-24 Fidelis Insurance Group appoints UK CUO  

Daily Digest: Verisk estimates Melissa loss, Gallagher Re launches Apac cyber framework, Global marine premiums climb Read More »