Caribbean Catastrophe Risk Insurance Facility news

The Caribbean island of St Lucia has increased its participation level in the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), buying an enlarged slice of parametric disaster insurance protection for 2020.

A powerful magnitude 7.7 earthquake struck the Caribbean yesterday in the afternoon local time, swaying buildings as far away as Miami, Florida and causing some localised damage to countries including the Cayman Islands, Jamaica and Cuba.

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric insurance risk pool with the addition of a new member in Central American nation Guatemala.

The Government of The Bahamas has now received US $12.8 million in payouts from its parametric insurance policies with the CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility).

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) is set to payout almost $11 million to the Bahamas after hurricane Dorian triggered its parametric tropical cyclone insurance policy.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has launched a new set of web-based tools that will provide its members with greater visibility of the real-time data used as inputs to their parametric catastrophe insurance policy triggers.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) along with the World Bank have announced the issuance of the first two parametric insurance policies covering the fisheries industry.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has grown its risk pool by over 14% in a year, as its members renewed and extended their parametric disaster insurance coverage under the facility.

All Caribbean members of the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have elected to renew their parametric disaster insurance coverage under the Facility, with a number also expanding their protection, resulting in further growth of the CCRIF risk pool.

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is seeking a further expansion of its range of parametric insurance products for the region, with utilities such as energy firms and drought coverage both potential avenues it is exploring.