CCRIF News

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 …

Cat Facility CCRIF to Pay Trinidad & Tobago $7M for Severe October Rains

Cayman Islands-based CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that Trinidad & Tobago will receive a payout of US$7,007,886 (approximately TT$47.4 million) on an excess rainfall policy following a period of heavy rainfall between Oct. 18 and …

Cat Facility CCRIF to Pay 6 Caribbean Nations $29.6M for Hurricane Irma Damage

Cayman Islands-based CCRIF (formerly the Caribbean Catastrophe Risk Insurance Facility) will make payments totaling US$29.6 million to six Caribbean nations recovering from Hurricane Irma. CCRIF’s parametric tropical cyclone insurance policies will pay $6.8 million to Antigua & Barbuda; $6.5 million …

Caribbean Cat Facility CCRIF & Caribbean Development Bank Launch Regional Risk Management Project

The Caribbean Development Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have launched a Caribbean risk management project. Formally known as “Integrated Sovereign Risk Management in the Caribbean,” the project aims to enable Caribbean countries to take …

Caribbean Cat Facility CCRIF Donates $100,000 to Belize to Aid Rainfall Tracking

Belize SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is providing US$100,000 to the government of Belize to purchase 40-50 automatic weather stations that will provide the Meteorological Service of Belize with access to real-time rainfall data. The weather stations …

Emerging Risks/Markets Offer New Opportunities: 2017 Predictions, Part 3

Insurers and reinsurers continue to look for organic growth where they can find it – sometimes from emerging risks and sometimes from emerging markets. As always, the keys to success are market knowledge and patience. Providing a heads-up for such …

Caribbean Cat Facility, CCRIF, Pays Nicaragua $1.1M for Hurricane Otto

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a payout of US$1.1 million to the government of Nicaragua as a result of damages from Hurricane Otto. Damages triggered a CCRIF payment on the country’s tropical cyclone policy, which …

Caribbean Cat Facility, CCRIF, Pays Belize for Excess Rain From Hurricane Earl

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a pay-out of US$261,073 to the government of Belize as a result of heavy rains from Hurricane Earl on Aug. 4-5. Rainfall from the hurricane caused widespread flood damage to …