Caribbean Catastrophe Risk Insurance Facility news

Having already received a $10.7 million payout under its parametric tropical cyclone policy after hurricane Eta from the CCRIF, Nicaragua has now also received a payout for a second Category 4 storm, hurricane Iota.

The Government of Nicaragua will receive a US $10.7 million payout after recent major hurricane Eta triggered its parametric tropical cyclone insurance policy with the CCRIF.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is expanding its appetite to include private sector risk, with the launch of a parametric insurance product for the electric utility sector in the Caribbean.

Hurricane Laura’s passage has triggered parametric insurance coverage for Haiti, with the country receiving $7.45 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility).

The Caribbean Development Bank (CDB) and Government of Canada have partnered to fund the CCRIF parametric insurance premiums of nine Caribbean countries, enabling them to continue with coverage despite the fiscal impacts from the Covid-19 pandemic.

At this year’s renewal of member country policies for the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), some have elected to split coverage across multiple policies, enabling them to better calibrate or target their parametric disaster insurance protection.

The central American nation of Belize has benefited from a payout of its parametric excess rainfall policy, provided by the CCRIF SPC, after rains from tropical storms Amanda and Cristobal triggered its coverage.

The Government of Guatemala has benefited from its parametric disaster insurance coverage under the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) as the countries parametric excess rainfall insurance was triggered by tropical storms Amanda and Cristobal.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) is set to extend discounts on premiums and other coverage benefits to certain of its members with the support of the World Bank, to assist them in continuing with their parametric disaster insurance protection, even despite the fiscal hits from Covid-19.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its parametric disaster insurance risk pool to more than $1 billion, as all of its Caribbean member countries renewed their coverage and some expanded the protection they benefit from.