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CCRIF signs MOU on parametric Caribbean fisheries & aquaculture insurance

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has signed a Memorandum of Understanding (MOU) with the Caribbean Regional Fisheries Mechanism (CRFM) to finalise its fisheries and aquaculture parametric insurance product for the region.CCRIF has been working on developing a parametric insurance product to support the fisheries sector in read the full article →

Failure to renew CCRIF policies cost Bahamas $32m post-Matthew

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.The Bahamas had been a member of the parametric catastrophe read the full article →

Jamaica questions CCRIF model after floods fail to trigger policy

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.According to reports from the island read the full article →

Nicaragua gets $1.1m parametric CCRIF payout for hurricane Otto

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.Hurricane Otto was the 16th named storm of the 2016 Atlantic Hurricane Season, forming as a very read the full article →

CCRIF working on parametric insurance for Caribbean fisheries industry

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.According to reports, the CCRIF SPC is set to create read the full article →

Parametric triggers let CCRIF pay $29.2m in 14 days post-Matthew

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 aims to pay out read the full article →

CCRIF adds $8m to hurricane Matthew payouts for excess rainfall

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.The CCRIF had already announced a payment of $975,000 for Barbados, which saw read the full article →

Haiti in line for $20m after CCRIF parametric trigger hit by Matthew

Haiti will receive a payout of a little over $20 million from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after hurricane Matthew triggered the parametric insurance policy the country has in force.Haiti took a deadly blow from hurricane Matthew, with the storm striking its far western tip read the full article →

Barbados to see $975k from CCRIF parametric payout for Matthew

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 payout is actually from when Matthew was still a tropical storm, affecting five of the CCRIF's member read the full article →

Belize gets parametric insurance payout for hurricane Earl rainfall from CCRIF

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.Demonstrating the value of a parametric insurance policy and sticking to its stated commitment, the CCRIF SPC paid read the full article →