caribbean catastrophe risk insurance facility

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) made three payouts on parametric insurance policies to member governments from storms in the 2023 Atlantic hurricane season, taking the total it has paid out to almost US $266.8 million since its inception.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made two payouts for Caribbean countries parametric excess rainfall insurance policies, after tropical storm Philippe in early October.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced the launch of its sixth parametric insurance product line, as a new segregated account has been established to warehouse parametric risk from insurance policies sold to water utilities.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced that at its renewals this year, some 66 parametric insurance policies were renewed by its members, while the member base also grew and the risk diversification within the pool continues to expand.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has made US $15.2 million in pay-outs to members after hydro-meteorological events that took place during the 2022 hurricane season.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its risk pool by 10% year-on-year, as its member governments renewed $1.2 billion of parametric insurance coverage against catastrophe, climate and seismic perils.

Catastrophe bonds and parametric insurance have both been highlighted by the President of the Caribbean Development Bank (CDB) in a speech laying out priorities for 2022 and a plan for marshalling financing to support regional economies.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has teamed up with the United Nations World Food Programme (WFP) to link its parametric disaster insurance payouts with social protection systems in Dominica.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made a US $2.4 million payout to Trinidad & Tobago after the Caribbean nations parametric excess rainfall insurance policy was triggered recently.