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Bahamas gets $11m from CCRIF after Dorian triggers parametric insurance

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. In a clear demonstration of the efficacy of parametric insurance and reinsurance protection, the CCRIF has already paid 50% of the $11 read the full article →

CCRIF tools offer real-time parametric trigger data to members

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 has been steadily innovating to increase read the full article →

CCRIF & World Bank issue first parametric fisheries insurance

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. The new Caribbean Oceans and Aquaculture Sustainability FaciliTy (COAST) fisheries parametric insurance policy has been issued to two of read the full article →

CCRIF risk pool grows 14%, approaches $1bn of parametric limit

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has grown its risk pool by over 14% in a year, as its members renewed and extended their parametric disaster insurance coverage under the facility. The CCRIF's parametric risk pool is now nearing $1 billion of coverage limit in read the full article →

CCRIF enlarges parametric risk pool as members renew, expand coverage

All Caribbean members of the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have elected to renew their parametric disaster insurance coverage under the Facility, with a number also expanding their protection, resulting in further growth of the CCRIF risk pool. At the June 1st renewals, all Caribbean government participants read the full article →

CCRIF to expand parametric insurance cover to utilities risk & drought

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is seeking a further expansion of its range of parametric insurance products for the region, with utilities such as energy firms and drought coverage both potential avenues it is exploring. Speaking at a conference in the Caribbean last week, CCRIF Chief Executive read the full article →

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 →