Caribbean
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Widespread underinsurance and low exposures will limit losses. -
Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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TSR previously predicted activity slightly below the 1995-2024 average.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
