caribbean

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), a non-profit multi-country risk pooling facility providing parametric hurricane and earthquake cover to Caribbean countries, has announced that it is making its Real-Time Forecasting System available to all of its members.

Risk modeller AIR Worldwide have announced the release of a new tropical cyclone model for Central America. The new model covers Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama offering modelling technology for the effects of both wind and precipitation induced flooding which are the two main causes of damage from tropical storms […]

Business News Americas report here that a Swiss Re representative has declared that they will seek to replicate the Microinsurance Catastrophe Risk Organisation (MiCRO) to provide cover across several Caribbean and Latin American countries in the coming months.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), a non-profit multi-country risk pooling facility who provide parametric hurricane and earthquake cover to Caribbean countries, has had to delay the launch of its long awaited excess rainfall insurance product.

The Microinsurance Catastrophe Risk Organisation (MiCRO) facility, which was launched in April by a high-profile partnership of companies, is reported (by Microfinance Focus) to have been triggered in Haiti during recent heavy rain and flooding in Haiti. The facility provides a microinsurance product which utilises a parametric trigger to settle claims after specific catastrophes including […]

Update: For our latest on Hurricane Tomas please view this post. The 2010 Atlantic hurricane season is proving to be one of the most unpredictable on record. Tropical storm Tomas formed yesterday, very far south for the time of year. It is extremely unusual to have such a large storm so far south this late […]

A new set of indicators published by the Inter-American Development Bank (IDB) show that while some progress in disaster risk management has been made in Latin America and the Caribbean more needs to be done to reduce risks and prepare government finances to respond to natural catastrophes.

The Caribbean Catastrophe Risk Insurance Facility has announced that the earthquake which struck Haiti yesterday was sufficiently severe to trigger the full policy limit for their earthquake coverage. Haiti has paid $385,500 for it’s cover and will receive a payment of $8m after the standard 14 day waiting period the facility enforces. That’s a much […]

Tropical Storm Ida became a hurricane earlier today before making landfall on eastern Nicaragua. The storm made landfall with winds of 75mph, has caused structural damage to buildings and is dropping between 15 and 20 inches of rain on parts of the country as it passes over. It will pass over Nicaragua and Honduras before […]

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has joined up with the  Caribbean Institute for Meterology and Hydrology (CIMH) and Kinetic Analysis Corporation (Kinanco) to develop and test a parametric excess rainfall insurance product for catastrophic flood coverage in the region.The new rainfall product will be particularly relevant for the agricultural industry. It will also […]