CCRIF SPC news

Barbados is set to receive a $975,000 payout thanks to its parametric tropical cyclone insurance policy from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after hurricane Matthew triggered the facility.

The Government of Belize has received a payout of $261,073 from parametric insurance coverage provided by the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after torrential rainfall caused by hurricane Earl.

The CCRIF SPC, formerly known as the Caribbean Catastrophe Risk Insurance Facility, has received fresh backing from the World Bank and the European Commission to help to broaden the access to its parametric insurance products across Central America and the Dominican Republic.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has made a payout to the Government of Dominica under its excess rainfall policy for the torrential rains caused by recent tropical storm Erika.

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has revealed that its 16 member countries all renewed their policies for 2015/2016, and at a discounted rate, while an additional four member states purchased excess rainfall coverage this year.

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is investigating a magnitude 6.5 earthquake which struck near the Lesser Antilles islands in the Caribbean, with Barbados being the closest to the epicenter.

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has signed a memorandum of understanding with COSEFIN to allow Central American countries to join the sovereign catastrophe risk insurance pool. Nicaragua will be the first country to join.

Jamaica is seeking a greater level of cover from the Caribbean and regional disaster risk financing initiative the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) as it works with the World Bank to enhance disaster resilience.

Rainfall from a weather trough system that impacted Barbados in November has resulted in another payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) as it triggered the parametric excess rainfall policy.