Guardian Says It Has Settled Close to 80% of Its Hurricane Melissa Claims

Guardian Holdings, a regional insurer based in Trinidad and Tobago, has settled approximately 80% of its Hurricane Melissa claims in Jamaica, according to a report by the Financial Gleaner. The insurer, which is headquartered in Trinidad and Tobago, reported this progress in late August 2026. Initially, Guardian had settled around 70% of Hurricane Melissa claims by June, according to Group Chief Executive Ian Chinapoo.

Hurricane Melissa made landfall in Jamaica as a Category 5 hurricane in late October 2025, causing extensive damage and loss across the island. The Planning Institute of Jamaica estimated total damage and losses at 1.952 trillion Jamaican dollars, which is roughly equivalent to US$12.3 billion and represents about 56.7% of Jamaica's 2024 gross domestic product.

Verisk, a modeling firm, estimated insured losses for Jamaican onshore property between US$2.2 billion and US$4.2 billion, while other catastrophe modeling firms placed insured losses broadly between US$1 billion and US$5 billion.

The financial challenge faced by insurers is significant, with total property damage estimated at around US$5 billion to US$9 billion. Across Jamaica's broader market, the Financial Services Commission and industry executives reported that many insurers are still processing claims from the hurricane. The chief executive of IronRock, a market participant, put the market-wide figure at 35% to 40% by the end of May.

Industry figures suggest that most Hurricane Melissa claims were underinsured, with some insurers estimating the underinsurance rate at 70% to 75%, leaving many households and businesses to cover the difference.

In response to the backlog of claims and the underinsurance issue, Guardian has targeted the settlement of major eligible Hurricane Melissa claims by the end of September. This move aims to expedite payments and alleviate the backlog. However, underinsurance remains a major hurdle for many Jamaicans who are struggling to recover fully from the hurricane's impact.

While Guardian's progress is a positive sign for those with settled claims, the broader picture remains challenging. The industry's joint deadline offers hope for faster resolution, as insurers work towards meeting their settlement targets as the end of September approaches.