CCRIF SPC news

The Government of Guatemala has benefited from its parametric disaster insurance coverage under the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) as the countries parametric excess rainfall insurance was triggered by tropical storms Amanda and Cristobal.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) is set to extend discounts on premiums and other coverage benefits to certain of its members with the support of the World Bank, to assist them in continuing with their parametric disaster insurance protection, even despite the fiscal hits from Covid-19.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its parametric disaster insurance risk pool to more than $1 billion, as all of its Caribbean member countries renewed their coverage and some expanded the protection they benefit from.

The Caribbean island of St Lucia has increased its participation level in the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), buying an enlarged slice of parametric disaster insurance protection for 2020.

A powerful magnitude 7.7 earthquake struck the Caribbean yesterday in the afternoon local time, swaying buildings as far away as Miami, Florida and causing some localised damage to countries including the Cayman Islands, Jamaica and Cuba.

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric insurance risk pool with the addition of a new member in Central American nation Guatemala.

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.