Jamaica tests disaster finance as Melissa strikes

Hurricane Melissa ravaged Jamaica, flattening fields and homes and washing away roads, yet the country is poised to cushion the financial blow. Officials say a multilayered disaster plan, including cash reserves, a regional insurance pool, preapproved loans, and a $150 million catastrophe bond, could provide about $820 million this year. The bond, which did not trigger for Hurricane Beryl, may be activated by Melissa. Still, projected losses of $2 billion to $8 billion could outstrip the system, built to fund urgent repairs and get the economy back on its feet, not full reconstruction.