Jamaica secures US$200 million hurricane bond as NARA recovery law takes effect

Jamaica has secured US$200 million in hurricane insurance coverage through a new catastrophe bond issued by the World Bank, as the Government advances several disaster recovery and public safety measures ahead of the 2026 Atlantic hurricane season.

The bond, issued Tuesday through the International Bank for Reconstruction and Development, will cover hurricane risks until 2030. It replaces a US$150 million bond that was fully paid out after Hurricane Melissa affected Jamaica in October 2025. The Ministry of Finance says 25 international investors participated, up from 15 in the 2024 issue. Jamaica will qualify for payments when a named storm meets agreed thresholds for strength and location. Finance Minister Fayval Williams welcomed the transaction and thanked the World Bank and other partners for supporting Jamaica's fiscal resilience.

Prime Minister Dr. Andrew Holness also announced that the National Reconstruction and Resilience Authority Act has received Royal Assent and is now law. Speaking at Wednesday's post-Cabinet press briefing at Jamaica House, he said retired Major General Ambassador Anthony Anderson will become NARA's chief executive officer on Monday, June 1. Holness said 85 people applied for the post, seven were shortlisted, and three of those were Jamaicans. A list of priority projects for the authority is expected to be published within a week, along with details on the Jamaica Reconstruction and Resilience Oversight Committee, Jam Rock.

The Ministry of Labour and Social Security has launched a platform at wepaytoday.com/mlss/beneficiary to help people track applications under the ROOFS repair assistance programme. Minister Pernel Charles Jr. said the system is intended to resolve outstanding phase-one voucher issues, while preparations continue for phase two, which will use digital verification and direct bank deposits. A pilot is under way and is expected to expand to Westmoreland, St. Elizabeth and St. James.

Local Government Minister Desmond McKenzie, speaking during Labour Day activities at Kingston Public Hospital, urged Jamaicans to prepare early for the June 1 start of hurricane season, including trimming trees, reducing hazards and disposing of garbage properly. He said litter fine measures are being finalised.

The Ministry of Health and Wellness is also advising the public to review travel plans and avoid travel to, or transit through, countries affected by the current Ebola outbreak in the Democratic Republic of Congo and Uganda. Travellers without symptoms who visited affected countries within 21 days will be asked to self-quarantine under health department supervision, while symptomatic persons will be isolated as suspected cases.