Hurricane Melissa set to trigger $150 million Jamaica catastrophe bond to help rebuild

Jamaica's catastrophe bond, triggered by Hurricane Melissa, is set to provide a swift $150 million in aid, marking a potential model for other vulnerable nations. The bond, designed to pay out if storm pressure drops below 900 millibars, is expected to activate due to Melissa's low pressure readings. This innovative approach could significantly speed up disaster relief efforts, potentially reducing recovery times from months to weeks.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.