Caribbean Catastrophe Risk Insurance Facility (CCRIF) News

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 …

Cat Facility CCRIF Welcomes 2 New Members: British Virgin Islands, Montserrat

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that British Virgin Islands and Montserrat have joined the facility and purchased coverage for the 2018/19 policy year, beginning June 1. Both countries obtained tropical cyclone and excess rainfall policies …

Parametric Insurance Can Help Close Global Protection Gap: Clyde & Co. Report

Parametric insurance can play a significant role in closing the insurance protection gap – a problem that plagues economies in both the developing and developed world, according to a report published by Clyde & Co. The protection gap is the …

G7 Endorses African Risk Capacity Program as Model for Climate Insurance

An announcement from African Risk Capacity (ARC) notes that “G7 leaders have singled out Africa’s first parametric catastrophe insurance pool, as a model upon which to develop catastrophe insurance solutions in vulnerable regions. “During the 41st G7 summit in June, …

CCRIF Makes Payments to Anguilla, St. Kitts & Nevis on Excess Rainfall Policies

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that it has made payments to the Governments of Anguilla – $559,249 – and St. Kitts & Nevis -$1.055 million – under their excess rainfall insurance policies. The announcement …

CCRIF Says TS Bertha Triggered No Payouts to Members

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has issued a bulletin, which notes that Tropical Storm Bertha’s passage east of the southern Lesser Antilles did not produce any losses for CCRIF members, according to its loss calculation protocol. The announcement …