Several Caribbean island states have received payouts from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for damages caused by the passage of tropical storm / hurricane Tomas earlier this month.
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Update, 9am GMT Friday: Hurricane Tomas has now passed Jamaica and is heading to Haiti within the next few hours. Winds have increased to 80mph and Tomas is once again hurricane Tomas. The forecast track for Tomas now takes it right between Haiti and Cuba meaning both will be impacted (Haiti more so) but also […]
The Caribbean Catastrophe Risk Insurance Facility has announced that it expects to make payments to Barbados, Saint Lucia and St Vincent and the Grenadines under the disaster pooling facilities insurance scheme.
*Update: For our latest on Hurricane Tomas please view this post. Hurricane Tomas has decreased in strength and has become a tropical storm again due to the effects of wind shear. Currently heading into the Caribbean tropical storm Tomas is forecast to re-intensify and regain its hurricane status by Friday.
Update: For our latest on Hurricane Tomas please view this post. The 2010 Atlantic hurricane season is proving to be one of the most unpredictable on record. Tropical storm Tomas formed yesterday, very far south for the time of year. It is extremely unusual to have such a large storm so far south this late […]
The Taal volcano in the Philippines which began erupting yesterday poses a potential threat to the Philippines government’s IBRD CAR 123-124 catastrophe bond transaction, which would be on-risk should a major earthquake occur due to the volcano’s current active state.
The scale of the disaster unfolding in the Fort McMurray region of Alberta, Canada keeps growing, with the fires still raging it has just been reported that BMO Capital Markets, part of the Bank of Montreal, has estimated insurable damage at up to C$9 billion (US$7bn).
Rainfall from a weather trough system that impacted Barbados in November has resulted in another payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) as it triggered the parametric excess rainfall policy.
The wildfires which have been burning for a number of days in New South Wales, Australia could create a dangerous situation which may even lead to a threat to the suburbs of Sydney, which could cause higher reinsurance losses, according to risk modeller AIR Worldwide.
Hurricane Irene continues to make her way across the Caribbean showing no sign of decreasing in size or strength. In fact just the opposite, hurricane Irene looks set to intensify further and grow in size as she crosses the warm waters of the northern Caribbean heading straight for the Turks & Caicos islands and the […]