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After Hurricane Melissa, Jamaica will need to rebuild with around $965 billion in funding, and disaster insurance is only likely to cover a small percentage of that amount.
The current estimate for the hurricane recovery bill is $1 trillion. The Caribbean catastrophic Risk Insurance Facility (CCRIF), valued at $11 billion (US$70 million), and a World Bank-arranged catastrophic bond worth $24 billion (US$185 million), both of which are still being processed, are the two main sources from which Jamaica expects to receive about $35 billion. As money flows into the recovery effort, the Jamaican government has promised strict control, with a subcommittee and the Office of Disaster Preparedness and Emergency Management (ODPEM) keeping thorough records of all monetary and in-kind contributions.
