CCRIF SPC news

As hurricane Elsa moved across the eastern Caribbean one of the island nations it came close to was St Lucia, which it’s reported has experienced wind gusts to 79 mph and sustained 46 mph tropical storm force winds.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has said that at the renewals of its clients policies in advance of the 2021 Atlantic hurricane season, more than $1 billion of risk has been ceded to the facility through parametric risk transfer arrangements.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility), a parametric focused risk pooling and transfer facility for the Caribbean and Central America, is targeting further expansion in terms of its scope, as well as in terms of the range of risk transfer products it offers and to whom.

Jamaica continues to work with the World Bank on a first catastrophe bond for the country the Finance Ministry has said and reflecting the importance of disaster risk financing, in recent weeks it has received a roughly $3.5 million payout under its parametric CCRIF insurance coverage.

Having already received a $10.7 million payout under its parametric tropical cyclone policy after hurricane Eta from the CCRIF, Nicaragua has now also received a payout for a second Category 4 storm, hurricane Iota.

The Government of Nicaragua will receive a US $10.7 million payout after recent major hurricane Eta triggered its parametric tropical cyclone insurance policy with the CCRIF.

Hurricane Iota has rapidly strengthened into a major hurricane and will bring catastrophic and life-threatening impacts to a Central American region that has yet to recover from the impacts of recent storm Eta.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is expanding its appetite to include private sector risk, with the launch of a parametric insurance product for the electric utility sector in the Caribbean.

Hurricane Laura’s passage has triggered parametric insurance coverage for Haiti, with the country receiving $7.45 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility).

The Caribbean Development Bank (CDB) and Government of Canada have partnered to fund the CCRIF parametric insurance premiums of nine Caribbean countries, enabling them to continue with coverage despite the fiscal impacts from the Covid-19 pandemic.