CCRIF SPC

Hurricane Laura’s passage has triggered parametric insurance coverage for Haiti, with the country receiving $7.45 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility).

The Caribbean Development Bank (CDB) and Government of Canada have partnered to fund the CCRIF parametric insurance premiums of nine Caribbean countries, enabling them to continue with coverage despite the fiscal impacts from the Covid-19 pandemic.

At this year’s renewal of member country policies for the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), some have elected to split coverage across multiple policies, enabling them to better calibrate or target their parametric disaster insurance protection.

The central American nation of Belize has benefited from a payout of its parametric excess rainfall policy, provided by the CCRIF SPC, after rains from tropical storms Amanda and Cristobal triggered its coverage.

The Government of Guatemala has benefited from its parametric disaster insurance coverage under the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) as the countries parametric excess rainfall insurance was triggered by tropical storms Amanda and Cristobal.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) is set to extend discounts on premiums and other coverage benefits to certain of its members with the support of the World Bank, to assist them in continuing with their parametric disaster insurance protection, even despite the fiscal hits from Covid-19.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its parametric disaster insurance risk pool to more than $1 billion, as all of its Caribbean member countries renewed their coverage and some expanded the protection they benefit from.

The Caribbean island of St Lucia has increased its participation level in the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), buying an enlarged slice of parametric disaster insurance protection for 2020.

A powerful magnitude 7.7 earthquake struck the Caribbean yesterday in the afternoon local time, swaying buildings as far away as Miami, Florida and causing some localised damage to countries including the Cayman Islands, Jamaica and Cuba.

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric insurance risk pool with the addition of a new member in Central American nation Guatemala.