CCRIF SPC

The Government of The Bahamas has now received US $12.8 million in payouts from its parametric insurance policies with the CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility).

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) is set to payout almost $11 million to the Bahamas after hurricane Dorian triggered its parametric tropical cyclone insurance policy.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has launched a new set of web-based tools that will provide its members with greater visibility of the real-time data used as inputs to their parametric catastrophe insurance policy triggers.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) along with the World Bank have announced the issuance of the first two parametric insurance policies covering the fisheries industry.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has grown its risk pool by over 14% in a year, as its members renewed and extended their parametric disaster insurance coverage under the facility.

All Caribbean members of the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have elected to renew their parametric disaster insurance coverage under the Facility, with a number also expanding their protection, resulting in further growth of the CCRIF risk pool.

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is seeking a further expansion of its range of parametric insurance products for the region, with utilities such as energy firms and drought coverage both potential avenues it is exploring.

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has signed a Memorandum of Understanding (MOU) with the Caribbean Regional Fisheries Mechanism (CRFM) to finalise its fisheries and aquaculture parametric insurance product for the region.

The CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool to include Panama, as the Central American country joins the provider of parametric sovereign disaster risk transfer products and signs up for excess rainfall protection.

New funding from Germany through KfW is set to enhance the affordability and utility of parametric sovereign disaster risk transfer products offered through the CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) to Caribbean and Central American countries.