KINGSTON, Jamaica —  The Office of Utilities Regulation (OUR) has approved combined insurance coverage of US$106.6 million, via a parametric insurance framework proposed by the Jamaica Public Service Company Limited (JPS) for implementation during the 2026 Atlantic Hurricane Season.

The proposal, which was submitted to the OUR in May, sets out a risk-mitigation framework for the electricity grid as a corollary to the Electricity Disaster Fund (EDF), providing a much-needed disaster risk-financing mechanism.

Parametric insurance (an index-based insurance) pays out quickly when a specific event occurs, based on pre-agreed rules.