This study was produced as part of the Caribbean Oceans and Aquaculture Sustainability faciliTy
(COAST) project. COAST is a partnership between the U.S. State Department, the World Bank, the
Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), and the Caribbean Regional Fisheries
Mechanism (CRFM). Numerous organizations and experts engaged in the subject took part in the
assessment, making it possible. The team is especially grateful for the guidance and leadership of
This assessment was produced as part of the Caribbean Oceans and Aquaculture Sustainability
faciliTy (COAST) project. COAST is a partnership between the U.S. State Department, the World
Bank, the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), and the Caribbean Regional
Fisheries Mechanism (CRFM). Numerous organizations and experts took part in the assessment,
making it possible. The team is especially grateful for the guidance and leadership of Valerie Hickey
Grand Cayman, Cayman Islands, June 22, 2020. CCRIF paid the Government of Guatemala approximately US$3.6 million under its excess rainfall (XSR) parametric insurance policy for nine days of rain that occurred during Tropical Storms Amanda and Cristobal. The policy was triggered by rains that started on May 31.
Tropical waves and low pressure systems occurred over the Central America region from 19 May to 2 June. During this time, adverse weather prevailed over Nicaragua that generated showers and thunderstorms.
This event briefing describes the impact of rainfall on Nicaragua, which is associated with a Covered Area Rainfall Event (CARE), starting on 20 May and ending on 2 June 2020.
Grand Cayman, Cayman Islands, June 16, 2020. CCRIF is pleased to announce that member countries of the Council of Ministers of Finance of Central America, Panama, and the Dominican Republic (COSEFIN) will receive special benefits on CCRIF SPC parametric insurance policies for policy year 2020/21 as part of the Facility’s response to the COVID-19 pandemic. These benefits include a 50 per cent reduction in premium costs on their parametric insurance policies or a mutually agreed increase in CCRIF coverage at no additional cost or a combination of both.
In the last days of May 2020, the first named storm of the 2020 Pacific Hurricane Season was generated. This storm – Tropical Storm Amanda – developed from a large area of low pressure associated with a tropical wave. On May 31 (0900UTC) Tropical Depression Two-E evolved into Tropical Storm Amanda over the waters south of Guatemala. Hours later Amanda weakened and dissipated. However, as it crossed Guatemala and Mexico, its remnants reorganized to form Tropical Storm Cristobal in the oceanic waters of the Gulf of Mexico.
In the period between 23 May and 29 May, 2020, the interaction of different meteorological events generated disorganized rains over Panama. This interaction was influenced by conditions from both the Atlantic Basin and the Pacific Ocean.
This event briefing describes the impact of the precipitation on Panama, which is associated with a Covered Area Rainfall Event (CARE), starting on 27 May and ending on 29 May 2020.
“Mitigation of COVID-19 impacts ahead of the hurricane season that already started in the region requires extraordinary and coordinated measures. EU is strongly committed to stand together with its partners in the Caribbean, providing emergency support and participating in the social/economic recovery process. The €10 million support has been provided to CCRIF SPC to ease payment of member countries’ premiums and improve their risk coverage against natural hazards.”
Grand Cayman, Cayman Islands, June 2, 2020.
In mid-May 2020, The Bahamas Department of Meteorology indicated that weather conditions in The Bahamas were under the influence of a tropical depression system resulting in an adverse weather conditions that occurred from 16 to 17 May. The Department anticipated heavy rains and high winds for the central and northern Bahamas islands.
This event briefing describes the impact of the precipitation on The Bahamas North West1 region, which is associated with a Covered Area Rainfall Event (CARE), starting on 17 May and ending on 19 May 2020.