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Recent News

Grand Cayman, Cayman Islands, September 22, 2017. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that Dominica will receive a payout of US$19,294,800 under its tropical cyclone policy following the passage of Hurricane Maria on September 19. This payout will be made within 14 days of the hurricane. CCRIF was designed to provide quick liquidity to governments of the Caribbean and Central America following catastrophic impacts from tropical cyclones, earthquakes and excess rainfall.

Grand Cayman, Cayman Islands, September 19, 2017. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that since its inception in 2007, it has made payouts of a little more than US$100 million to 12 of its 17 member countries – all within 14 days of the event. The US$100 million mark was reached following payouts under the excess rainfall policy of three countries – Anguilla, Turks & Caicos Islands and The Bahamas – as a result of rainfall from Hurricane Irma.

Hazard Report(s)

PDF icon 20171005_CCRIF_EventBriefing_TC-Nate_20171007_NIC_Final.pdf
The preliminary runs of CCRIF’s loss model for wind and storm surge produced government losses for Nicaragua below the attachment point for its Tropical Cyclone (TC) policy therefore no payout is due.
 
This event briefing presents the impacts of Nate on CCRIF member country Nicaragua and is designed to review the CCRIF modelled losses from wind and storm surge but not rainfall. Nicaragua has an Excess Rainfall policy and a separate briefing that addresses loss and damages from excess rainfall will be issued.

Featured Article

Hurricane Sandy passed through the Caribbean in October 2012, affecting three CCRIF member countries – Haiti, Jamaica and The Bahamas, although not to the extent of triggering their tropical cyclone policies.

Featured Report(s)

On April 18, 2015, COSEFIN members and CCRIF SPC gathered together to formally sign a Memorandum of Understanding allowing Central American countries access to low-cost, high-quality sovereign parametric catastrophe risk insurance through CCRIF SPC.

This report was prepared at the request of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) with support from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to assess strategies for linking the ECLAC Damage and Loss Assessment (DaLA) Methology to the Post Disaster Needs Assessment (PDNA).

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CCRIF SPC Key Milestones 2007-2017

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CCRIF Documentary Part 1

CCRIF SPC Documentary Part 1

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