CCRIF SPC news

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.

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.

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.

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.

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.

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.

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.

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.

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 (formerly the Caribbean Catastrophe Risk Insurance Facility), is set to pay out another $8 million due to hurricane Matthew’s path through the Caribbean, as parametric excess rainfall insurance payouts are now due to four countries.