caribbean

Work is underway to develop a catastrophe bond for the Caribbean region with the support of the World Bank, with four countries currently engaged and as many as four others thought likely to join the effort.

Aura Underwriting, which is part of global specialty insurance and reinsurance MGA Rokstone, has launched a new Caribbean parametric product which provides reinsurance for hurricanes, with qualifying claim payouts in days.

Catastrophe bonds and parametric insurance have both been highlighted by the President of the Caribbean Development Bank (CDB) in a speech laying out priorities for 2022 and a plan for marshalling financing to support regional economies.

The International Monetary Fund (IMF) is putting its weight behind calls for the use of catastrophe bonds to help the Caribbean nations to increase their resilience to and ability to recover from disasters, after a hurricane season that has impacted the region heavily.

Following the devastating impacts of hurricanes Irma and Maria in the Caribbean discussion has once again turned to how to secure an increased amount of parametric disaster risk financing for the region, with a regional catastrophe bond issuance rising up the agenda once again.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is broadening its reach with its first venture into personal insurance products and is supporting trials of a parametric personal weather insurance product designed to pay out to Caribbean residents after a natural disaster strikes.

All sixteen member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their hurricane and earthquake parametric insurance coverage for the 2013/2014 policy year which began on the 1st June. All members benefit from a premium discount for the upcoming policy year.

The Microinsurance Catastrophe Risk Organisation (MiCRO), a specialty reinsurance organisation established to provide the backing for microinsurance products through microfinance institutions in Haiti, has received $1.96m in funding from the IFC (International Finance Corporation), a member of the World Bank Group. The award includes a $1.7 million performance-based grant and $260,000 in technical assistance from […]

Hurricane Sandy will likely cause the largest payout to date for the Microinsurance Catastrophe Risk Organisation (MiCRO) in Haiti. The impact of Sandy on Haiti was severe, with around 54 deaths, 18,000+ people displaced and the micro-lending firm Fonkoze suggesting that as many as 12,000 of their customers may be eligible for a payout under […]

Yesterday we wrote about the impending payouts from microfinance organisation Fonkoze in Haiti who had told policyholders that they were ready to give all clients in areas hit by intense rain and wind from tropical storm Isaac a $125 payout, forgive their existing loan balance, and give them a new loan when they require it. […]