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CCRIF targets further expansion of scope and risk transfer product range

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility), a parametric focused risk pooling and transfer facility for the Caribbean and Central America, is targeting further expansion in terms of its scope, as well as in terms of the range of risk transfer products it offers and read the full article →

Jamaica: World Bank cat bond still underway. Gets CCRIF rainfall payout for Zeta & Eta

Jamaica continues to work with the World Bank on a first catastrophe bond for the country the Finance Ministry has said and reflecting the importance of disaster risk financing, in recent weeks it has received a roughly $3.5 million payout under its parametric CCRIF insurance coverage. The payout comes after the read the full article →

Nicaragua gets parametric insurance payout for hurricane Iota from CCRIF

Having already received a $10.7 million payout under its parametric tropical cyclone policy after hurricane Eta from the CCRIF, Nicaragua has now also received a payout for a second Category 4 storm, hurricane Iota. The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) provides a range of parametric read the full article →

Nicaragua to get $10.7m after hurricane Eta triggers parametric CCRIF policy

The Government of Nicaragua will receive a US $10.7 million payout after recent major hurricane Eta triggered its parametric tropical cyclone insurance policy with the CCRIF. The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) provides a range of parametric catastrophe insurance products to the Caribbean and Central read the full article →

CCRIF targets private sector risk with parametric utilities cover

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is expanding its appetite to include private sector risk, with the launch of a parametric insurance product for the electric utility sector in the Caribbean. Adding risk from the private sector to its already growing pool of largely sovereign read the full article →

CCRIF makes $7.45m payout to Haiti for hurricane Laura

Hurricane Laura's passage has triggered parametric insurance coverage for Haiti, with the country receiving $7.45 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility). Haiti received $7.2 million as the hurricane's rains triggered its parametric excess rainfall policy that it has in place with the CCRIF. In read the full article →

CDB & Canada to fund CCRIF premiums for nine Caribbean countries

The Caribbean Development Bank (CDB) and Government of Canada have partnered to fund the CCRIF parametric insurance premiums of nine Caribbean countries, enabling them to continue with coverage despite the fiscal impacts from the Covid-19 pandemic. Canada is financing a new CAD$20 million fund to support the premium needs of the read the full article →

CCRIF renewals see members split policies to calibrate parametric coverage

At this year's renewal of member country policies for the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), some have elected to split coverage across multiple policies, enabling them to better calibrate or target their parametric disaster insurance protection. At the renewals this year, members of the CCRIF read the full article →

Belize takes parametric rainfall payout from CCRIF after Amanda/Cristobal

The central American nation of Belize has benefited from a payout of its parametric excess rainfall policy, provided by the CCRIF SPC, after rains from tropical storms Amanda and Cristobal triggered its coverage. The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has already made one payout to read the full article →

Guatemala gets CCRIF rainfall payout for tropical storms Amanda/Cristobal

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. Once again demonstrating the speed at which payouts can be made read the full article →