CCRIF SPC

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CCRIF parametric rainfall policy pays out $7m to Trinidad & Tobago

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), the parametric disaster insurance facility serving the Caribbean and Central America, has made another payout following torrential October rainfall that affected Trinidad & Tobago.CCRIF said that Trinidad & Tobago will receive $7,007,886 (approximately TT$47.4 million) after its parametric Excess Rainfall read the full article →

CCRIF to pay $19.3m to Dominica for hurricane Maria impact

Hurricane Maria has triggered the Caribbean island of Dominica's parametric insurance coverage from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), resulting in a payout to the country of almost US $19.3 million.It's the latest payout the CCRIF is set to make due to the severe 2017 hurricane read the full article →

CCRIF parametric payouts on Hurricane Irma reach $31.2m

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced that its payouts made to Caribbean governments due to the impacts of hurricane Irma will reach $31.2 million, while the facility has now passed $100 million of payouts to members since its launch.All of the $100 million of read the full article →

Turks & Caicos parametric CCRIF policy to payout $13.6m on Irma

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is set to payout $13.6 million to the Turks & Caicos islands, after their parametric hurricane wind insurance policy was triggered by hurricane Irma's recent devastating path through the Caribbean.Hurricane Irma battered the Caribbean, causing widespread destruction on its path read the full article →

CCRIF to pay $15.6m on Hurricane Irma impact to Leeward Islands

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will payout approximately $15.6 million to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis due to Hurricane Irma which triggered these countries’ parametric Tropical Cyclone insurance policies.CCRIF SPC said it is likely to pay Antigua & read the full article →

Failure to renew CCRIF policies cost Bahamas $32m post-Matthew

The Progressive Liberal Party administration, the former government of The Bahamas, cost the country around $32 million in insurance payouts from Hurricane Matthew as it failed to renew its CCRIF SPC policies for 2016/2017, according to Prime Minister, Dr. Hubert Minnis.The Bahamas had been a member of the parametric catastrophe read the full article →

Jamaica questions CCRIF model after floods fail to trigger policy

There are questions being asked in Jamaica about the risk model that underpins the regional catastrophe insurance policies issued by the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after torrential rainfall and resulting flooding in May failed to trigger the countries parametric coverage.According to reports from the island read the full article →

Nicaragua gets $1.1m parametric CCRIF payout for hurricane Otto

Nicaragua has benefited from a $1.1 million parametric insurance policy payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) after hurricane Otto triggered a payout to its tropical cyclone insurance coverage.Hurricane Otto was the 16th named storm of the 2016 Atlantic Hurricane Season, forming as a very read the full article →

CCRIF working on parametric insurance for Caribbean fisheries industry

The Caribbean and Central American focused parametric catastrophe insurance facility CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is set to further expand its remit as it is developing new parametric insurance products for the fisheries sector in the region.According to reports, the CCRIF SPC is set to create read the full article →

Parametric triggers let CCRIF pay $29.2m in 14 days post-Matthew

Parametric catastrophe insurance facility CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has once again demonstrated the vital role that the parametric trigger can play in disaster insurance as it pays out all $29.2m of hurricane Matthew claims in less than 14 days.The CCRIF SPC aims to pay out read the full article →