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CCRIF signs MOU on parametric Caribbean fisheries & aquaculture insurance

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has signed a Memorandum of Understanding (MOU) with the Caribbean Regional Fisheries Mechanism (CRFM) to finalise its fisheries and aquaculture parametric insurance product for the region.CCRIF has been working on developing a parametric insurance product to support the fisheries sector in read the full article →

Panama joins CCRIF, buys parametric rainfall cover

The CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool to include Panama, as the Central American country joins the provider of parametric sovereign disaster risk transfer products and signs up for excess rainfall protection.The CCRIF is a multi-country risk pool, providing parametric read the full article →

New funding to enhance CCRIF parametric risk transfer affordability & utility

New funding from Germany through KfW is set to enhance the affordability and utility of parametric sovereign disaster risk transfer products offered through the CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) to Caribbean and Central American countries.Germany has delivered the largest single round of funding from one read the full article →

Trinidad & Tobago gets $2.5m parametric CCRIF payout after rains

CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has made a parametric insurance payout of $2.5 million to Trinidad and Tobago after its excess rainfall policy was triggered by heavy rainfall in October.The Government of Trinidad & Tobago has already received a payout of US $2,534,550 (approximately TT read the full article →

Barbados gets $5.8m CCRIF payout, Trinidad & Tobago seeks one

The passage of tropical storm Kirk close to Barbados in October triggered the Caribbean nations parametric rainfall insurance policy under the CCRIF SPC, resulting in a $5.8 million payout.The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility) has made a payout of $5.8 million to Barbados under its read the full article →

Haiti’s parametric CCRIF deductible cover activated by earthquake

The Caribbean island nation of Haiti is to benefit from a small payout from the CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), after a recent magnitude 5.9 earthquake on October 6th activated its aggregate deductible coverage under the facility.The M 5.9 earthquake struck Haiti resulting in the read the full article →

Barbados to receive $5.8mn payout from CCRIF parametric rainfall policy

The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), the parametric disaster insurance facility serving the Caribbean and Central America, is set to make its first payout of the 2018/2019 policy year to Barbados of more than $5.8 million following the passage of Tropical Storm Kirk.Heavy rainfall that read the full article →

CCRIF to grow risk pool with addition of St. Maarten

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is set to grow its risk pool again with the addition of a new member in St. Maarten, which takes the number of members of the facility to 20 countries – 19 Caribbean governments and 1 Central American read the full article →

Haiti to get Caribbean Development Bank support for CCRIF premiums

The Caribbean island nation of Haiti is to receive grant funding to help pay its premiums for parametric insurance cover from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility).The Caribbean Development Bank (CDB) has approved a grant of $3 million to support Haiti’s 2018-2019 insurance premiums read the full article →

CCRIF to “stay true” to parametric roots of providing “quick payouts”

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has said that it intends to "stay true" to its roots of providing parametric insurance protection, while expanding the range of products offered and continuing to provide "quick payouts."The CCRIF SPC announced the retirement of Milo Pearson who read the full article →