Beryl is the second named storm, first hurricane, and first major hurricane of the 2024 Atlantic hurricane season. Here, a woman looks at a beach littered with trash in the aftermath of Hurricane Beryl at Bull Bay, Jamaica. (Photo credit: Ricardo Makyn/AFP/Getty Images)
(Bloomberg) — Investors in bonds intended to help Jamaica cover the costs of a natural catastrophe won't be affected by the havoc wrought by Hurricane Beryl, even as the prime minister declared the entire Caribbean island a disaster area.
As the earliest category five hurricane on record, Beryl made landfall in Jamaica on Wednesday, June 3rd, bringing high-speed winds, sheets of rain and a wave of destruction to the island nation. Investors in the country's $150 million catastrophe bond were monitoring the situation closely to assess whether they'd be called on to pay up and help cover part of the damage.
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