CCRIF has paid the Government of Guatemala US $3.6 million under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal.
Amanda, which originated in the Pacific Ocean, initially made landfall on Guatemala’s Pacific coast on May 31, causing flooding and landslides.
This tropical storm dissipated but the remnants reorganized to become Tropical Storm Cristobal, resulting in more than a week of devastating rainfall across parts of Central America.
Guatemala became a member of CCRIF in 2019 and is receiving a payout within its first year of joining the Facility.
This payment is being made under Guatemala’s policy for 2019/20, which was renewed at the June 1 renewals this year.
CCRIF currently has 22 member governments, including Nicaragua, Panama, and Guatemala in Central America.
Since its inception in 2007, CCRIF has made a total of 43 payouts for 21 events to 14 member governments totalling $155.8 million.
Including the Guatemala payout, CCRIF made a total of five payouts in the 2019/20 policy year.
These included two payouts totalling $12.8 million to The Bahamas following Hurricane Dorian, one to Trinidad and Tobago totalling $362,982 for rainfall associated with Tropical Cyclone Karen, and one $203,136 payment to Belize also due to rains from Amanda and Cristobal.
