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Hurricane Melissa set to trigger $150 million Jamaica catastrophe bond to help rebuild

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Hurricane Melissa set to trigger 0 million Jamaica catastrophe bond to help rebuild


Drone view of damage to coastal homes after Hurricane Melissa made landfall, in Alligator Pond, Jamaica, Oct. 29, 2025.

Maria Alejandra Cardona | Reuters

Hurricane Melissa, the most powerful Atlantic hurricane of the year, made landfall this week as a Category 5 storm in Jamaica. The strength of the storm means it will likely trigger a full payout from a catastrophe bond designed to provide funds to the island in the event of catastrophic weather events.

The $150 million catastrophe bond, structured by Aon, is intended to help the island’s people rebuild after natural disasters by providing Jamaica parametric coverage against losses from named storms. The policy took effect this year and lasts through 2027.

The government of Jamaica is the first government in the Caribbean region, and the first of any small island state, to independently sponsor a cat bond, according to Aon. Its likely payout demonstrates the value of a unique type of backstop funded by the private markets.

In order to trigger the full payment, the storm has to meet a particular strength criteria. The central pressure of the storm must be at or below 900 millibars as its makes landfall and crosses the island nation.

Early data from the National Hurricane Center shows Hurricane Melissa’s pressure stayed below 900 millibars in several areas. Those readings are in the process of being verified by an independent calculation agent.

“While the final numbers are still being verified, the early signs suggest the transaction is doing what it was designed to do: getting critical funds to the country quickly after a major disaster,” Chris Lefferdink, Aon’s head of insurance-linked securities for North America, said in a statement.  

The review process typically takes 2 to 3 weeks, and the earliest possible payout to Jamaica could come in approximately 1 month, according to a spokesperson from Aon.

A drone view shows an affected area after Hurricane Melissa made landfall, in Crane Road, Black River, Jamaica, October 30, 2025.

Maria Alejandra Cardona | Reuters

Previous parametric transactions payouts have taken 3 months or more, but for this event Aon used an innovative data source to enable faster payments.

The catastrophe bond was placed using the International Bank for Reconstruction and Development’s “capital at risk” program, which is used to transfer the risks associated with natural catastrophes to the capital markets, allowing the country to access funds quickly after a major event.

“What you have is a capital provider putting funds in the pool, an insurer putting the coupon for those funds in the pool [and] if the storm hits that criteria, they get the money in a much quicker fashion,” Aon CFO Edmund Reese told CNBC’s Contessa Brewer in an interview.

Damaged furniture and debris after Hurricane Melissa made landfall, in Black River, Jamaica, Oct. 30, 2025.

Octavio Jones | Reuters

Catastrophe bond and insurance-linked securities were created in the mid 1990s in the wake of Hurricane Andrew’s destruction. They’ve since grown in popularity, with the cat bond market growing by over 50% since the end of 2022 to nearly $55 billion.

“Public-private partnerships like Jamaica’s continue to highlight how parametric insurance can deliver rapid, transparent relief in the wake of severe storms,” Lefferdink said.

Jamaica very narrowly missed the requirements necessary to receive a payout from a separate cat bond when Hurricane Beryl battered the island in 2024, resulting in $995 million in damages to homes, crops and infrastructure, according to the National Hurricane Center.



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Houses without lounges are a reality for renters

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Houses without lounges are a reality for renters


Kevin PeacheyCost of living correspondent

Ella Murray Ella Murray and her flatmate Maisy sit at a kitchen table which has a blue tablecloth. Both are smiling. The table is close to a set of kitchen cabinets and an over and hobs. There is a large, wall-mounted clock on one wall.Ella Murray

Ella (left) with flatmate Maisy, says socialising is often done at the kitchen table

Homes without lounges are becoming a reality for renters on tight budgets faced with a lack of available lets.

Nearly a third of homes advertised on flat-sharing website SpareRoom in the first half of the year had no living room.

Ella Murray, aged 22, who shares with three other people in London, said: “At this stage in my life I’m not willing to sacrifice money for more space.”

Landlords say turning a lounge into a bedroom helps them cover their higher mortgages and other extra costs, while meeting demand from tenants.

But a lack of communal space means many renters are living and working in one bedroom putting them at risk of social isolation.

Some also point out the “false economy” of being forced to go out to socialise which can cost more than a night in with friends.

Cost-of-living pressures

Students living away from home might expect to rent in a property where the front room has been converted into a bedroom.

But these latest figures suggest this is a reality for young professionals renting in their 20s and 30s.

Analysis by SpareRoom, shared with the BBC, shows:

  • Some 30% of adverts for a room posted on the platform in the first half of the year were for places without a living room
  • That proportion was higher in London, at 41%
  • Birmingham saw an increase from 16% to 22% of adverts with no living room in the five years from 2020

The data covers flat or house shares only, and does not include any studio, or one-bedroom listings.

Official figures show average UK monthly private rents increased by 5.5%, to £1,354, in the year to September.

As costs rise, there are 10 prospective tenants on average chasing every available rental property, according to the latest Rightmove data.

A landlord turning a lounge into a bedroom provides an extra place for a tenant. It could also mean lower rent payments for each tenant but potentially more rent overall for landlords covering higher mortgage repayments seen in recent years.

A line chart showing rents in the UK have risen from £910 in January 2015 to £1354 in September 2025. Dat from the Office for National Statistics.

Ella and her three housemates split the rent of £3,000 a month dependant on the size of their bedrooms, but their home does not have a living room.

“We have a decent-sized kitchen with a dining table which is where we hang out instead. We would definitely socialise more if we had a living room,” she said.

She said the rent was cheaper as a result, and – living in London – it was the norm among her friends in other rental properties in the city.

She works in musical theatre, and said she would be more inclined to rent somewhere with a living room were her wage to increase and were she to move in with a partner.

Hannah Carney Hannah Carney and her flatmate Emma in the kitchen of their rental home, with hobs and utensils behind them.Hannah Carney

Hannah and her flatmate Emma usually socialise in the kitchen

Hannah Carney, 26, also shares a property without a lounge and says none of the places she had rented since she was 18 had a living room.

She says she misses having a “chill place that is social” and it means she and her flatmates probably spend more on going out for dinner and drinks.

“I’d love to say that all properties should have a communal area. I wish that was the norm, but I know it’s not realistic,” she said.

The best she and her flatmate could do, she says, is to have movie nights in a box room that they also use to hang their washing.

Matt Hutchinson, director of SpareRoom said: “We’ve had so many messages from people who met their best friends and partners in flatshares, who’ve raised families or started businesses together.

“Those kinds of stories will become rarer if communal, sociable spaces within homes are not protected. Sadly, loneliness is alarmingly common.

“With rents as unaffordable as they are now, it’s understandable people are looking for ways to cut the cost of living.”

Chris Norris, chief policy officer at the National Residential Landlords Association (NRLA) said the “root of the challenges” was too few rental homes to meet demand.

The NRLA said some landlords, facing a difficult outlook, were moving into offering multi-occupancy homes so their businesses remained viable enough to carry on.

“With rising costs and the expectation of smaller margins to contend with, some landlords will certainly be looking at how to use their investments most efficiently and meet demand effectively whilst delivering high-quality private rented homes,” Mr Norris said.

At the more extreme end of the scale, the BBC has previously uncovered illegal house-sharing in multi-occupancy homes.



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ASEAN eyes investment in tourism, food industry | The Express Tribune

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ASEAN eyes investment in tourism, food industry | The Express Tribune


Federal Minister for Investment and Board of Investment (BOI) Chairman Qaiser Ahmed Sheikh


ISLAMABAD:

Federal Minister for the Board of Investment Qaiser Ahmed Sheikh held a meeting with a joint delegation of Asean ambassadors and high commissioners at the Board of Investment (BOI) office.

During discussions, Qaiser Ahmed emphasised the strategic importance of Asean countries as vital partners of Pakistan. He briefed the delegation on the pivotal role of Special Economic Zones (SEZs) and the Special Investment Facilitation Council (SIFC) in promoting investment opportunities nationwide.

He highlighted that these zones provide a structured, investor-friendly environment designed to foster sustainable industrial growth, attract foreign direct investment and create employment opportunities.

All representatives of the Association of Southeast Asian Nations (Asean) expressed keen interest in sectors such as tourism, the food industry and other emerging markets that offer considerable potential for investment and bilateral economic collaboration. The minister noted that Pakistan is actively introducing incentives to enhance investment prospects in key sectors, including information technology, infrastructure, textiles and mining.

The delegates acknowledged the vast investment opportunities available in Pakistan and reaffirmed their willingness to explore potential collaborations across multiple sectors. Discussions also centred on strengthening trade and investment linkages, enhancing regional connectivity and streamlining investment procedures to facilitate mutually beneficial partnerships.



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Aadhaar future roadmap: UIDAI sets up expert panel to craft Vision 2032; explores AI, blockchain and quantum tech – The Times of India

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Aadhaar future roadmap: UIDAI sets up expert panel to craft Vision 2032; explores AI, blockchain and quantum tech – The Times of India


The Unique Identification Authority of India (UIDAI) has set up a high-level expert committee to make Aadhaar technology future-ready, with focus on scalability, data security, and resilience against emerging cybersecurity threats, according to an official statement issued on Friday.The committee, chaired by UIDAI Chairperson Neelkanth Mishra, includes UIDAI CEO Bhuvnesh Kumar, Nutanix founder Dheeraj Pandey, MOSIP head of engineering Sasikumar Ganesan, Trilegal partner Rahul Matthan, Amrita University Professor Prabaharan Poornachandran, Michigan State University Professor Anil Jain, UIDAI Deputy Director General Abhishek Kumar Singh, Sarvam AI co-founder Vivek Raghavan, and IIT Jodhpur Professor Mayank Vatsa.“Recognising the rapidly changing technological and regulatory landscape, the UIDAI has embarked on a comprehensive strategic and technological review to shape the next decade of Aadhaar’s evolution through a new ‘Aadhaar Vision 2032’ framework,” the statement said.The Vision 2032 roadmap will not only sustain Aadhaar’s technological leadership but also reinforce its role as a secure, inclusive, and people-centric digital identity, the statement added.The expert panel will draft the Aadhaar Vision 2032 document, outlining a framework for next-generation Aadhaar architecture aligned with India’s Digital Personal Data Protection (DPDP) Act and global privacy and cybersecurity standards.According to the UIDAI, the Vision 2032 framework will leverage advanced technologies such as Artificial Intelligence, Blockchain, Quantum Computing, Advanced Encryption, and next-generation data security systems to ensure that Aadhaar remains secure, scalable, and adaptable to the evolving digital landscape.





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