CCRIF SPC

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced the launch of its sixth parametric insurance product line, as a new segregated account has been established to warehouse parametric risk from insurance policies sold to water utilities.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced that at its renewals this year, some 66 parametric insurance policies were renewed by its members, while the member base also grew and the risk diversification within the pool continues to expand.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has made US $15.2 million in pay-outs to members after hydro-meteorological events that took place during the 2022 hurricane season.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its risk pool by 10% year-on-year, as its member governments renewed $1.2 billion of parametric insurance coverage against catastrophe, climate and seismic perils.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has teamed up with the United Nations World Food Programme (WFP) to link its parametric disaster insurance payouts with social protection systems in Dominica.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made a US $2.4 million payout to Trinidad & Tobago after the Caribbean nations parametric excess rainfall insurance policy was triggered recently.

The Government of Haiti will receive a payout of roughly US $40 million after its CCRIF parametric insurance policy was triggered by the devastating earthquake that struck the country on August 14th, with $15 million to be delivered within 7 days of the event.

The devastating earthquake that struck the Caribbean nation of Haiti on August 14th is only expected to drive insurance industry losses of around US $250 million, while we’re hearing some parametric contracts are exposed.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has confirmed that it made a number of payouts after the passage of hurricane Elsa, as member parametric insurance policies and deductible covers were triggered, its first payouts of the 2021 hurricane season.