Reinsurance News
CCRIF
CCRIF pays $3.6mn to Guatemala for Storms Amanda & Cristobal
23rd June 2020
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 ... Read the full article
All CCRIF Caribbean members renew parametric insurance coverage
4th June 2020
The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has announced that all member governments in the Caribbean have renewed their parametric insurance coverage ahead of the 2020 Atlantic hurricane season, increasing the size of the pool by 8% to more than $1 billion. Acting as a risk ... Read the full article
CCRIF SPC adds Guatemala to Facility
17th October 2019
The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility) has added the Government of Guatemala to the Facility, taking the total number of member countries to 22. After the signing of a Memorandum of Understanding (MoU) with the Council of Ministers of Finance of Central America, Panama and the ... Read the full article
CCRIF completes $12.8m Bahamas payment after Dorian impact
27th September 2019
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made two payments to the Bahamian government totalling $12.8 million due to the impact earlier this month of hurricane Dorian. Dorian made landfall in the Bahamas on September 1 and stalled over the Abaco Islands and Grand Bahama for almost two days, bringing ... Read the full article
Hurricane Dorian triggers $11mn CCRIF payout to the Bahamas
8th September 2019
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will pay the Bahamas almost US $11 million due to the impact of Hurricane Dorian, which hit the region last week as a Category 5 storm. Dorian made landfall in the Bahamas on September 1 and stalled over the Abaco Islands and Grand Bahama ... Read the full article
CCRIF launches web-based platform to monitor natural hazards
30th August 2019
The Caribbean Catastrophe Risk Facility (CCRIF) has launched a new web-based platform through which its members can monitor natural hazards, analyse their intensity, and assess their impact. The platform, which can monitor earthquakes, heavy rainfall and tropical cyclones, also allows members to check whether an active insurance policy with CCRIF is ... 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
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
CCRIF completes $5.8m Kirk payout to Barbados government
25th October 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has completed the previously-announced $5.8 million payout to the government of Barbados, triggered by heavy rainfall that occurred during the passage of tropical storm Kirk, within 14 days of the event. The payout is CCRIF’s first of ... Read the full article
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