Caribbean Catastrophe Risk Insurance Facility news

Having already seen its parametric tropical cyclone insurance triggered by major hurricane Melissa’s winds, Jamaica is now set to also benefit from a payout under its CCRIF SPC parametric excess rainfall policy, taking the total it will receive to $91.9 million.

CCRIF SPC, the Caribbean and Central America Parametric Insurance Facility and Development Insurer, is set to make its biggest single payout after after major hurricane Melissa triggered Jamaica’s tropical cyclone policy.

Caribbean nations must stop defaulting to adding more debt as the answer after every disaster shock, instead layering the full range of risk transfer and financing tools to enhance liquidity following events and ensure timely, responsive capital flow, according to comments made by the Governor of the Central Bank of Barbados.

The Government of Grenada has renewed its annual parametric insurance coverage with the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) for the 2025/2026 policy year, for a total cost of roughly US$1.828 million, plus applicable fees.

The Government of Jamaica has prepared itself for the 2025 hurricane season with a further increase to its National Natural Disaster Risk Financing Policy arrangements, with the largely parametric reserves and contingent financing augmented with parametric insurance and its World Bank catastrophe bond.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has made a payout of US $4.67 million to the Government of Honduras after its parametric excess rainfall insurance policy was triggered following a severe event in November, taking CCRIF parametric payouts made for the current policy year to almost US $118 million.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has paid the Government of Panama US $26.7 million after the countries parametric rainfall insurance policy was triggered following a recent severe event, which takes payouts made for the current policy year to almost US $118 million.

Following the onslaught of hurricane Beryl, the Government of Grenada has now received its US $44 million payout from the CCRIF SPC after its parametric insurance was triggered, but in addition the islands utilities have received a further $11.5 million from separate parametric insurance arrangements.

After the onslaught of hurricane Beryl in the Caribbean, it transpires that the reinsurance program backing the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has been triggered, with the Natural Disaster Fund (NDF) one of those channelling capital to support CCRIF payouts made.

Jamaica’s recovery from the impacts of major hurricane Beryl is set to benefit from an additional roughly US $10.3 million payout by the CCRIF SPC, after the storm triggered its excess rainfall policy under the parametric risk transfer facility.