Caribbean Catastrophe Risk Insurance Facility news

Nicaragua has benefited from a $1.1 million parametric insurance policy payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) after hurricane Otto triggered a payout to its tropical cyclone insurance coverage.

The Caribbean and Central American focused parametric catastrophe insurance facility CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is set to further expand its remit as it is developing new parametric insurance products for the fisheries sector in the region.

Parametric catastrophe insurance facility CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has once again demonstrated the vital role that the parametric trigger can play in disaster insurance as it pays out all $29.2m of hurricane Matthew claims in less than 14 days.

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), is set to pay out another $8 million due to hurricane Matthew’s path through the Caribbean, as parametric excess rainfall insurance payouts are now due to four countries.

Haiti will receive a payout of a little over $20 million from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after hurricane Matthew triggered the parametric insurance policy the country has in force.

Barbados is set to receive a $975,000 payout thanks to its parametric tropical cyclone insurance policy from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after hurricane Matthew triggered the facility.

The Government of Belize has received a payout of $261,073 from parametric insurance coverage provided by the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after torrential rainfall caused by hurricane Earl.

The CCRIF SPC, formerly known as the Caribbean Catastrophe Risk Insurance Facility, has received fresh backing from the World Bank and the European Commission to help to broaden the access to its parametric insurance products across Central America and the Dominican Republic.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has made a payout to the Government of Dominica under its excess rainfall policy for the torrential rains caused by recent tropical storm Erika.

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has revealed that its 16 member countries all renewed their policies for 2015/2016, and at a discounted rate, while an additional four member states purchased excess rainfall coverage this year.