Jamaica's insured losses from hurricane Melissa likely to fall to reinsurers

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      <subfield code="a">Jamaica's insured losses from hurricane Melissa likely to fall to reinsurers</subfield>
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      <subfield code="a">Principal takeaways -- Hurricane Melissa makes landfall in Jamaica -- Reinsurance partnerships provide capacity to write insurance in the Caribbean -- Modeling challenges and protection gap in the region -- AM Best will continue to monitor the impact</subfield>
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      <subfield code="a">The report discusses the impact of Hurricane Melissa, a Category 5 storm that made landfall in Jamaica, marking the island's first direct hit by such a powerful hurricane since 1988. Despite low insurance penetrationless than 5%economic losses are expected to reach billions, with insured losses likely to fall primarily on reinsurers due to the region's reliance on reinsurance partnerships. The storm threatens Jamaica's tourism-driven economy and infrastructure, and may trigger a $150 million parametric catastrophe bond under the World Bank's risk insurance program. The report also highlights the challenges of catastrophe modeling in the Caribbean, the importance of closing the protection gap, and the potential implications for future reinsurance pricing</subfield>
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