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caribbean
Caribbean P&C insurers surpass expectations: AM Best
17th August 2021
Most property and casualty (P&C) insurers in the Caribbean region surpassed performance expectations in 2020 despite the challenges of COVID-19, according to AM Best. Consolidated net income more than doubled on the 2019 level last year among AM Best rated insurers, despite the pandemic weighing heavily on countries with weak public ... Read the full article
CCRIF Caribbean members renew parametric insurance coverage
15th June 2021
Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has announced that all member governments in the Caribbean have renewed their parametric insurance coverage ahead of the upcoming 2021 Atlantic Hurricane Season. This is the second year in a row that members have ceded over US$1 billion in risk to ... Read the full article
AM Best forecasts downturn in Caribbean insurance growth
22nd September 2020
AM Best has forecast that Caribbean property and casualty (P&C) insurers could see a reversal of their recent positive growth trends due to the socioeconomic impacts of the COVID-19 pandemic, combined with rising reinsurance rates. The rating agency noted that the coronavirus crisis has been “a catastrophe for the entire Caribbean ... Read the full article
Re/insurers could face $3bn loss from Dorian in the Caribbean: AIR Worldwide
6th September 2019
Catastrophe risk modelling firm AIR Worldwide has estimated that industry insured losses resulting from Hurricane Dorian’s impact in the Caribbean will be between US $1.5 billion and $3 billion. Dorian is currently moving northeast away from the coast of North Carolina at 14 mph, having weakened considerably during its track along ... Read the full article
Reinsurance partnerships a “cornerstone” for Caribbean insurers: A.M. Best
21st June 2019
Reinsurance partnerships are the “cornerstone” that provides the capacity for insurers to profitably write business in the Caribbean, according to A.M. Best, and have allowed them to weather two years of heavy catastrophe losses with little to no major operational impact. Analysts noted that these longstanding partnerships have proven to be ... Read the full article
All Caribbean CCRIF members renew, some expand coverage
19th June 2019
The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced that as of June 1st, all of its Caribbean members have renewed their parametric insurance coverage for the 2019/2020 year. In fact, the CCRIF SPC reveals that nine Caribbean Governments decided to expand their level of coverage for at ... Read the full article
CCRIF, CRFM sign MoU to develop solutions for Caribbean fisheries & aquaculture
11th April 2019
The Caribbean Regional Fisheries Mechanism (CRFM) has signed a memorandum of understanding (MoU) with the CCRIF SPC to develop climate-resilient fisheries and aquaculture industries in the region. The latest collaboration between the CRFM and the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), is designed to formalise collaborative efforts around ... Read the full article
Panama joins Caribbean Catastrophe Risk Insurance Facility
9th January 2019
Panama has become the 21st country to join the Caribbean Catastrophe Risk Insurance Facility (CCRIF), purchasing parametric cover for excess rainfall. Panama is also the fourth country to join the CCRIF this policy year, alongside the British Virgin Islands, Montserrat and St. Maarten, and is the Facility’s second member ... Read the full article
Caribbean captives continue to outperform traditional markets: A.M. Best
20th November 2018
The captive insurance markets in Bermuda, the Cayman Islands and Barbados (BCIBs) continue to post strong double-digit RoEs and outperform more traditional commercial markets, according to analysts at A.M. Best. The rating agency noted that captive insurers remain the beneficiaries of very productive business models and strong loss control and risk ... Read the full article
Rising P&C reinsurance rates put pressure on Caribbean cedents: A.M. Best
2nd November 2018
Primary property and casualty (P&C) insurers in the Caribbean market remained mired in a protracted soft market cycle, but rising reinsurance costs could force companies to introduce some much-needed rate increases, according to a report by A.M. Best. The rating agency noted that insurers were unable to implement rate enhancements in ... Read the full article
Hurricane Kirk rainfall triggers $5.8m Barbados payout from CCRIF
10th October 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has announced that Barbados is to receive a $5.8 million payout due to heavy rainfall that occurred during the passage of Tropical Storm Kirk. The payout is CCRIF’s first of the 2018/19 policy year and brings the total ... Read the full article
St. Maarten joins Caribbean Catastrophe Risk Insurance Facility
6th September 2018
St. Maarten has become the 20th country to join the Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC, purchasing coverage for tropical cyclones, earthquakes and excess rainfall. The island nation joined the Facility on September 1 as a late entrant this policy year, which began on June 1, following the British Virgin ... Read the full article
Caribbean Development Bank to subsidise Haiti’s catastrophe premiums
3rd September 2018
The Caribbean Development Bank (CDB) has approved a grant of US $3 million to cover Haiti’s 2018-2019 insurance premiums with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC, a provider of parametric coverage in the Caribbean and Latin America. The funding will help Haiti meet the cost of the premiums for ... Read the full article
Caribbean insurers’ comprehensive reinsurance use protects surplus: A.M. Best
24th July 2018
Despite the devastating and costly impacts of 2017 catastrophe events on the Caribbean, which includes hurricanes Irma and Maria, the region's insurance sector saw its surplus decline by just 4% as a result of its comprehensive reinsurance utilisation, according to A.M. Best. Speaking with AMBestTV, Ricardo Longchallon, a Senior Financial Analyst ... Read the full article
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