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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 →

ARC pays Madagascar $2.3m as parametric drought policy triggered

The African Risk Capacity (ARC), a parametric sovereign disaster risk insurer for African nations, has paid the government of Madagascar $2.3 million after its parametric drought insurance policy was triggered in the last growing season. Madagascar has benefited from ARC parametric insurance coverage thanks to its joining the Africa Disaster Risk 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 →

CCRIF offers premium & parametric coverage benefits due to Covid-19

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) is set to extend discounts on premiums and other coverage benefits to certain of its members with the support of the World Bank, to assist them in continuing with their parametric disaster insurance protection, even despite the fiscal read the full article →

Germany helps fund parametric risk transfer premiums for ARC member nations

The German government is helping African countries to continue benefiting from parametric drought insurance protection under the African Risk Capacity (ARC), with around EUR 19 million being donated to help fund their participation during a time when fiscal budgets may be stretched by the pandemic. The German government is assuming responsibility read the full article →

Swiss Re & Tata AIG collaborate on parametric monsoon cover in India

Global reinsurance giant Swiss Re has collaborated with Indian primary insurance carrier Tata AIG General Insurance Company Limited to provide a parametric monsoon coverage for India's northeastern state of Nagaland. Working with the Nagaland State Disaster Management Authority (NSDMA), Swiss Re will provide the reinsurance capacity to support a parametric excess read the full article →

CCRIF Caribbean parametric risk pool grows over $1bn, as members renew

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its parametric disaster insurance risk pool to more than $1 billion, as all of its Caribbean member countries renewed their coverage and some expanded the protection they benefit from. The CCRIF SPC provides parametric disaster insurance protection read the full article →

St Lucia increases parametric coverage under CCRIF for 2020

The Caribbean island of St Lucia has increased its participation level in the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), buying an enlarged slice of parametric disaster insurance protection for 2020. The CCRIF SPC provides parametric disaster insurance protection to Caribbean and Central American nations, covering perils read the full article →

Swiss Re CorSo launches parametric hail insurance for the U.S.

Swiss Re Corporate Solutions (SRCS), the commercial risk taking entity of global reinsurance firm Swiss Re, has launched a parametric hail insurance product in the United States, citing the growing level of losses experienced from severe thunderstorm risks as driving the need for innovative protection. Last year, 2019, the United States read the full article →