caribbean

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 […]

The Caribbean islands are particularly prone to the risks and potential impact of climate change. Their financial status, stage of development of their economies and geography leave them particularly vulnerable to both the perils of sea level rise and increased frequency of natural disasters. The World Bank helped to form the Caribbean Catastrophe Risk Insurance […]

All 16 member countries of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies with the hurricane and earthquake insurance pool. Member governments have been able to take advantage of effectively a 10% decrease in premiums due to receiving more cover for the same premium as last year. By pooling their risk the […]

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has received funding for the 2009 hurricane season from the European Union. The EU has put forwards €12.5m to help shore up the fund in case of a disaster and allow it to pay claims more easily. The cat facilities reserve pool now consists of many entities including […]

The Cayman Islands will not receive any payout from the Caribbean Catastrophe Risk Insurance Facility for the damage incurred on Cayman Brac from hurricane Paloma. As we said a few weeks ago, this is due to the high deductible level purchased by the Cayman Islands. The high deductible means that for the storm to have […]

Hurricane Paloma battered the Cayman islands of Brac and Litte Cayman during it’s rampage across the Caribbean over the weekend. The Cayman Islands are covered by the Caribbean Catastrophe Risk Insurance Facility but it’s not at all clear weather they will receive a payout from it. Cayman Brac received a direct hit from Paloma while […]