Grand Cayman, Cayman Islands, November 17, 2020. CCRIF will make a payout of US$10.7 million to the Government of Nicaragua following the passage of Tropical Cyclone Eta. As is customary and part of the Facility’s customer proposition, all payouts are made within 14 days of the event. Indeed, CCRIF has already paid an advance of US$3.7 million to the Government of Nicaragua, with the remainder to be paid by November 19, following verification of the final model results.
October 15th, 2020
Grand Cayman, Cayman Islands, October 1, 2020. CCRIF SPC has launched its newest parametric insurance product, which has been developed for the electric utility sector in the Caribbean. According to CCRIF CEO, Mr. Isaac Anthony, “The development of this product is part of the scaling-up plans of CCRIF, which has as one area of focus the expansion of the Facility’s product offerings, an example of which is to address the needs of the electric utility sector in the Caribbean”.
Grand Cayman, Cayman Islands, September 8, 2020. CCRIF SPC made a payout of approximately US$7.2 million to the Government of Haiti on its Excess Rainfall (XSR) parametric insurance policy following three days of heavy rainfall associated with Tropical Cyclone Laura.
Continuing and Professional Education Centre. Tuesday, August 25, 2020 — The UWI Open Campus and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) successfully delivered a train-the-trainer workshop on a new course to be offered at the University, “Disaster Risk Financing for the Sustainable Development of Small Island Developing States (SIDS)”.
Grand Cayman, Cayman Islands, June 24, 2020. CCRIF SPC made a payout of US$203,136 to the Government of Belize on its Excess Rainfall parametric insurance policy following three days of heavy rains during Tropical Storms Amanda and Cristobal. Amanda was a tropical cyclone that originated in the Pacific Ocean and brought rains that affected Belize on 30 May and then weakened. However, the remnants of Amanda then reorganized to form Tropical Storm Cristobal in the Gulf of Mexico – thus becoming a cross-over cyclone from the Pacific to the Atlantic.