The World Bank priced a catastrophe bond financing USD 200 million of insurance coverage against hurricanes for Jamaica, replacing previous cat bonds that financed USD 150 million in coverage paid out following Hurricane Melissa, which hit the island in October 2025, according to a press release issued on May 18, 2026 in Washington, D.C. The transaction was oversubscribed by investors, which supported the upsizing of its initial target amount. The bond builds on the experience of catastrophe bonds issued by the World Bank in 2021 and 2024 to support Jamaica. For the 3-year 2024 catastrophe bond, a full payout to Jamaica was triggered by Hurricane Melissa in 2025. The pre-agreed parametric triggers based on the storm's path and intensity were met, demonstrating how these instruments can deliver rapid financial support after major disasters.