The Caribbean Catastrophe Risk Insurance Facility (CCRIF) said 16 regional countries have renewed their hurricane and earthquake insurance policies.
The policies come up for renewal annually in June.
Jamaica this year budgeted J$289.5 million for its premiums, down from J$176.2 million the previous year.
CCRIF is a not-for-profit risk pooling facility created for regional governments by the World Bank as a fiscal tool to fund one-off disaster recovery costs.
The facility, managed by CaribRM, has paid out US$32.2 million in claims since inception. No claims were paid out in the last policy year ending May 2013.
However, the insurer said it made two donations to assist with Hurricane Sandy recovery US$100,000 to Jamaica on April 12 and US$115,305 on May 16. The storm caused damage but was not intense enough to trigger insurance payouts under the policies.
CCRIF is also in discussion with The Bahamas on US$85,000 of grant assistance to shore up its coastal defences.
The facility, which is a not-for-profit entity, has reduced the cost of premiums for this year as regional governments struggle to keep their economies afloat.
"For the 2013-2014 policies, a new pricing metric was implemented, which included the option to lower the minimum attachment point for tropical cyclones from a 15 to 10-year return period and a 25 per cent reduction in premium because no claims were made in 2012/13," said the insurer.
"This new metric led to a small reduction in the effective cost of coverage to countries this year."
Policyholders were also allowed to apply a portion of their participation fee - the deposit paid when they initially became a CCRIF member - towards their premium payment.
It said all but one policyholder got the discount and six utilised portions of their participation fee towards premium payments.
Four countries, Dominica, Haiti, Jamaica and St Kitts & Nevis, - exercised the option to reduce their attachment point to a 10-year event.
Meantime, members now have access to a rainfall product, introduced for the first time this year covering extreme-rainfall events. Seven policyholders have expressed interest in the policy Barbados, Belize, Guyana, Jamaica, St Kitts & Nevis, St Lucia and Trinidad & Tobago.
CCRIF became operational in 2007.