Caribbean Catastrophe Risk Insurance Facility (CCRIF) News

The Huge Profits Investors Have Made on Catastrophe Bonds Are Raising Eyebrows

A strategy that’s delivered specialist investors huge returns is now facing scrutiny, amid concerns that its risk-reward dynamics might be skewed against some issuers. Catastrophe bonds, which are issued by insurers, reinsurers and governments seeking an extra layer of disaster …

Hurricane Beryl Triggers Record Payout for Caribbean Insurer

Hurricane Beryl’s path of destruction through the Caribbean last week triggered a record $44 million payout to the nation of Grenada from a regional catastrophe insurance fund. The Caribbean Catastrophe Risk Insurance Facility, or CCRIF, said it will be paying …

Parametric Insurer CCRIF Strengthens Belize Warning Systems for Extreme Weather

Parametric catastrophe insurer CCRIF continues to strengthen Belize’s early warning systems for rainfall and climate forecasting with a new grant of US$43,140. This grant brings CCRIF’s Belize contributions to US$143,000, which began helping the country purchase and install automatic weather …

Trinidad and Tobago Gets CCRIF Payment of $2.4M for August Heavy Rains, Flooding

The Caribbean Catastrophe Risk Insurance Facility has made a payout of approximately US$2.4 million to the government of Trinidad and Tobago following a rainfall event that occurred during August 18-20, 2021. The heavy rainfall resulted in flooding and landslides across …

Parametric Catastrophe Insurer CCRIF to Make Record Payout of $40M for Haiti Quake

CCRIF SPC, the Cayman Islands-based parametric catastrophe facility, will pay approximately US$40 million to the government of Haiti, following the devastating magnitude 7.2 earthquake, which struck the Caribbean island on Aug. 14, significantly affecting the city of Les Cayes. This …

Parametric Catastrophe Facility CCRIF Pays US$3.6M to Guatemala for Excess Rainfall

Parametric catastrophe facility CCRIF paid the government of Guatemala approximately US$3.6 million under its excess rainfall (XSR) parametric insurance policy for nine days of rain that occurred during Tropical Storms Amanda and Cristobal. The policy was triggered by rains that …

Parametric Catastrophe Facility CCRIF Pays US$12.8M to Bahamas for Dorian Damages

CCRIF has made two payouts to the government of The Bahamas totaling US$12.8 million in the aftermath of Hurricane Dorian, which caused widespread destruction in the northern part of the archipelago. The Bahamas has three tropical cyclone policies and three …

Update: Parametric Catastrophe Pool, CCRIF, to Provide Rapid Payout for Bahamas After Dorian

Some of the first financial relief the Bahamas receives in the aftermath of Hurricane Dorian may be a rapid insurance payout from a novel program just 12 years old. CCRIF, once short for the Caribbean Catastrophe Risk Insurance Facility, was …

Parametric Catastrophe Facility CCRIF Adds Panama to Growing Roster of Members

Cayman Islands-based catastrophe facility CCRIF SPC has increased its membership with the addition of Panama, which purchased parametric insurance cover for excess rainfall. CCRIF’s membership now stands at 21 countries – 19 Caribbean governments and two Central American governments. CCRIF …

Cat Facility CCRIF to Make 1st Payment of 2018/19 Policy Year to Barbados

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that Barbados will receive a payout of US$5,813,299 for excess rainfall that occurred during the passage of Tropical Storm Kirk. Barbados has been a member of CCRIF since its inception …