Caribbean Catastrophe Risk Insurance Facility news

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.

Grenada is set to receive a payout of approximately US $44 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl battered the Caribbean country, triggering its parametric tropical cyclone, fisheries, and excess rainfall policies.

Jamaica is set to benefit from an approximately US $16.3 million payout from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl triggered its parametric tropical cyclone insurance policy.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has seen its members renew their parametric insurance policies for the 2024/2025 policy year, with 10% more in parametric coverage purchased, while also making its first payout of 2024, $6.4 million for Guatemala after heavy rainfall.

Sources tell us that the parametric tropical cyclone insurance coverage provided to some of the islands of Grenada, St Vincent and the Grenadines by the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is likely to be triggered and payout within the usual two week period.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) made three payouts on parametric insurance policies to member governments from storms in the 2023 Atlantic hurricane season, taking the total it has paid out to almost US $266.8 million since its inception.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made two payouts for Caribbean countries parametric excess rainfall insurance policies, after tropical storm Philippe in early October.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced the launch of its sixth parametric insurance product line, as a new segregated account has been established to warehouse parametric risk from insurance policies sold to water utilities.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced that at its renewals this year, some 66 parametric insurance policies were renewed by its members, while the member base also grew and the risk diversification within the pool continues to expand.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year.