CCRIF lifts parametric risk pool coverage another 14.5% to $1.8bn for current policy year

CCRIF SPC, the regional parametric risk pool for the Caribbean and Central America has announced that it has expanded its coverage to US $1.8 billion for the current policy year, a 14.5% increase from the $1.57 billion the organisation reported in early June, showcasing that demand for parametric coverage significantly outpaced expectations.

This total also represents a 25% increase from last year’s $1.44 billion, driven by gains seen across both the Caribbean and Central America portfolios.

According to CCRIF, this expansion reflects growing protection across sovereigns, water & electric utilities and fisheries.

Back in early June, Isaac Anthony, CEO of CCRIF SPC, announced that the organisation had grown its coverage by 9% to US $1.57 billion for the current year.

Now, midway through the 2026 hurricane season, CCRIF has clearly provided more coverage than it anticipated to do so, surpassing initial expectations to hit $1.8 billion.

“More coverage means a larger, more diversified risk pool, which strengthens CCRIF’s financial resilience and its capacity to absorb large, single-country events without compromising its promise to every other member. Since 2007, CCRIF has made 82 payouts totalling US$483 million – every one of these payouts within 14 days,” CCRIF explained.

The organisation also highlighted that this expansion reinforces its position as a leading development insurer, delivering fast, rules-based liquidity within 14 days to safeguard members’ development gains when disasters strike

In addition, CCRIF also confirmed the addition of four new members this season, bringing its total membership to 39.

Demonstrating a clear regional shift toward critical infrastructure protection, all four new members are utilities.

This includes Jamaica Public Service Company (JPS), a provider of electric transmission, distribution, and public electricity supply coverage across the island of Jamaica, whose entry follows the devastating impact of last year’s Hurricane Melissa which severely damaged Jamaica’s electricity grid.

“The utility’s decision to join CCRIF underscores a regional trend: critical infrastructure providers are increasingly adopting parametric insurance to ensure continuity of essential services,” CCRIF said.

CCRIF also confirmed that it welcomed National Water Commission, Jamaica (NWC), Nevis Electricity Company Limited, and Nevis Water Department as new members too.

“These additions reflect a growing recognition among utilities, not just governments, that pre-arranged financing is essential to financial stability. Hurricane Melissa, which caused losses equivalent to more than half of Jamaica’s GDP, laid bare how a single storm can knock out the essential services that communities and economies depend on. By taking up parametric coverage, these utilities can restore power and water faster after disaster strikes,” CCRIF said.

“Behind those numbers is a clear story: more governments and utilities across the region are choosing pre-arranged, rules-based financial protection, and choosing it in greater depth. As Hurricanes Ivan, Maria and Melissa each showed, it only takes one storm to change a country’s trajectory and members are acting now, with foresight,” CCRIF added.

CCRIF concluded: “This year’s growth reinforces a central lesson from recent events: no single instrument can meet all post-disaster financing needs, which is why risk layering matters. Jamaica’s response to Hurricane Melissa showed the model in action – the Government received US$91.9 million from CCRIF within 14 days, alongside US$150 million from its catastrophe bond and US$300 million in contingent credit, while strengthening rather than depleting its National Natural Disaster Fund. CCRIF is not a replacement for these instruments; parametric insurance which CCRIF provides is the fast-liquidity layer that gets money moving in the critical first days,” CCRIF added.