Ahead of the annual hurricane season, CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, said it has expanded coverage to $1.57 billion for the current policy year, from $1.44 billion a year earlier, driven by a 70% increase in coverage across its Caribbean portfolio and an 80% increase in its Central American portfolio.
In its pre-hurricane season statement, CCRIF Chief Executive Officer Isaac Anthony said the organisation is not simply an insurer but a “development” insurer, offering parametric insurance products designed to strengthen climate and financial resilience while also building regional capacity in disaster risk management.
“I’m proud to share that our membership and coverage have grown entering this hurricane season. We welcome new members to the CCRIF family, Jamaica Public Service Company, GPS, the Nevis Electricity Company Limited, expanding our electric utilities portfolio in Jamaica and Nevis,” Anthony said.
He continued, “We also welcome Jamaica’s decision to purchase the Coast product, our parametric insurance solution for the fishery sector. This adds an entirely new layer of protection for Jamaica’s blue economy, its fishing communities, food security, and local economies.”
As mentioned, the organisation’s coverage has increased this year to $1.57 billion from $1.44 billion in the previous year.
This represents a 9% increase in overall coverage, reflecting increases of 70% in CCRIF’s Caribbean portfolio and 80% in its Central American portfolio.
Since its establishment in 2007, CCRIF has reportedly made 82 individual payouts, totalling $483 million, and delivered every payout within 14 days.
“What moves me most in this period is not just CCRIF’s growth, but the posture of our members. They are actively scaling up the coverage,” Anthony said.
He added, “They are not waiting for the next disaster to ask what they should have done. They are acting now with foresight and financial discipline.”
With this in mind, CCRIF is also advancing its strategic plan for 2025 to 2030, which, according to the firm, is its most ambitious plan to date.
“Guided by this plan, we will expand parametric insurance coverage, social and economic sectors, scale parametric insurance to reach millions of low-income individuals and households, leverage artificial intelligence to enhance catastrophe risk modelling, develop public-private partnerships to close the protection gap at speed and scale, and explore other instruments, such as insurance-linked loans,” Anthony noted.
He went on, “This is indeed a bold agenda, and reflects our unwavering belief that Caribbean and Central America can become the world’s most climate resilient regions.
“To our members, thank you for your trust, engagement, and your foresight. Your decision to invest in financial protection is a decision to protect your people, governments, and utilities across our region. To those who are not yet members, the door is open. Every hurricane season that passes without pre-arranged financing is a season of unnecessary exposure.
“We are here to help you change that. Our development partners, regional organisations, and the international community thank you for recognising that financial resilience is not a compliment to development, it is a prerequisite for it.
“And finally, to our reinsurers, without whose capital our members would be largely unprotected, I say thank you for your support throughout the years. To all my sisters and brothers across the Caribbean and Central America, farewell, stay safe, and know that CCRIF stands behind you.”
