Jamaican government moves to reduce fiscal exposure to disaster

Jamaica is contributing $427.5 million to the Caribbean Catastrophe Risk Insurance Facility (CCRF) next fiscal year despite the fact that it has never been able to draw down on the funds after a natural disaster.

The finance ministry said that this was necessary to actively enhance Jamaica's fiscal resilience to disaster and to that end a project is being developed in conjunction with the World Bank to prepare a national disaster risk financing and insurance strategy.