The Natural Disaster Fund (NDF), which is managed by Global Parametrics, a CelsiusPro Group company, has made payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada following the impacts of hurricane Beryl.
CelsiusPro has reported that the NDF, a public-private partnership funded by UK and German governmental entities, and which shares its risk with Hannover Re, has provided risk capacity to Corp-EFF Insurance Company Limited to distribute the Flexible Hurricane Protection product. The solution offers protection against hurricanes in Dominica and Grenada.
The product has been structured by the Global Parametrics team as a hurricane windspeed cat-in-a-polygon, and policies are sold by Corp-EFF to households, small businesses, smallholder farmers (mainly nutmeg and cacao farmers), fisherfolk, and other micro- and meso-level risk holders.
“In the aftermath of hurricane Beryl’s path across the Caribbean, the NDF has swiftly released payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada, in particular nutmeg and cocoa small producers affected when Beryl hit Grenada as a Category 4 hurricane,” explains CelsiusPro.
Corp-EFF Insurance is a subsidiary of Corporate Enterprise Finance Facility Ltd, and is committed to offering insurance solutions tailored to Credit Unions within the Organisation of Eastern Caribbean States (OECS).
