CCRIF SPC

CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has made a parametric insurance payout of $2.5 million to Trinidad and Tobago after its excess rainfall policy was triggered by heavy rainfall in October.

The passage of tropical storm Kirk close to Barbados in October triggered the Caribbean nations parametric rainfall insurance policy under the CCRIF SPC, resulting in a $5.8 million payout.

The Caribbean island nation of Haiti is to benefit from a small payout from the CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), after a recent magnitude 5.9 earthquake on October 6th activated its aggregate deductible coverage under the facility.

The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), the parametric disaster insurance facility serving the Caribbean and Central America, is set to make its first payout of the 2018/2019 policy year to Barbados of more than $5.8 million following the passage of Tropical Storm Kirk.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is set to grow its risk pool again with the addition of a new member in St. Maarten, which takes the number of members of the facility to 20 countries – 19 Caribbean governments and 1 Central American government.

The Caribbean island nation of Haiti is to receive grant funding to help pay its premiums for parametric insurance cover from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility).

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has said that it intends to “stay true” to its roots of providing parametric insurance protection, while expanding the range of products offered and continuing to provide “quick payouts.”

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool for the 2018-19 policy year, with the addition of two new countries, the British Virgin Islands and Montserrat who both joined the facility as of June 1st and existing members buying more protection.

The government of the Bahamas has signed back up to parametric insurance coverage from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) for the coming hurricane season, but on a restructured basis with the country divided into three regional zones.

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is ten years old this year and is it looks to the future the parametric insurance facility wants to better serve its members by scaling up the protection it offers, adding new products, and ultimately expanding the CCRIF risk pool.