Jamaica is poised to receive a $150 million payout from its catastrophe bond, marking a historic activation of this financial safety net as the nation grapples with the extensive damage caused by Hurricane Melissa. Disaster modeller Chuck Watson of Enki Research estimates the storm’s damage between $5 billion and $16 billion, likening it to the catastrophic Hurricane Gilbert of 1988, which caused $7 billion in losses. Watson described Melissa as a worst-case scenario for the island, potentially doubling Gilbert’s impact.