Caribbean Catastrophe Risk Insurance Facility news

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is investigating a magnitude 6.5 earthquake which struck near the Lesser Antilles islands in the Caribbean, with Barbados being the closest to the epicenter.

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has signed a memorandum of understanding with COSEFIN to allow Central American countries to join the sovereign catastrophe risk insurance pool. Nicaragua will be the first country to join.

Jamaica is seeking a greater level of cover from the Caribbean and regional disaster risk financing initiative the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) as it works with the World Bank to enhance disaster resilience.

Rainfall from a weather trough system that impacted Barbados in November has resulted in another payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) as it triggered the parametric excess rainfall policy.

The Caribbean Catastrophe Risk Insurance Facility’s (CCRIF) parametric excess rainfall insurance product has been triggered for the first time by hurricane Gonzalo’s rains, resulting in a $500,000 payout to the Government of Anguilla.

The Caribbean Development Bank (CDB), a financial institution that assists Caribbean nations in financing social and economic programs within the countries, is financing Haiti’s policies under the Caribbean Catastrophe Risk Insurance Facility again.

Initial model runs suggest that Caribbean Catastrophe Risk Insurance Facility (CCRIF) member countries affected by tropical storm and hurricane Gonzalo will not receive a payout, which also means the World Bank – CCRIF 2014-1 catastrophe bond will be safe.

The Turks & Caicos Islands may be the next Caribbean country to take up the new excess rainfall parametric insurance product from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) as it looks to become more financially resilient to flooding.

Eight Caribbean government members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have become the first to purchase the new parametric excess rainfall insurance product developed by the CCRIF and global reinsurance firm Swiss Re.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) appreciates the diversity that the first directly issued catastrophe bond from the World Bank offers to its sources of risk capital, a key consideration in its decision to tap the capital markets.