For the 2019/20 policy year, all CCRIF members renewed their existing parametric insurance coverage; and 10 members increased their level of coverage for at least one of their policies compared to the 2018/19 policy year. Members purchased a total of 59 policies: 21 tropical cyclone (TC) policies, 15 earthquake (EQ) policies, 21 excess rainfall (XSR) policies and 2 COAST (fisheries) policies – an increase of four policies compared with the previous year.
Tropical Cyclone Iota was the thirty-first and most powerful tropical cyclone of the 2020 Atlantic Hurricane Season, overtaking in intensity the recent Hurricane Eta. Iota developed from a powerful tropical wave moving across the eastern Caribbean Sea, which evolved into a tropical depression on 13 November. Six hours later, it strengthened into a tropical storm while it was over the central Caribbean Sea, north of Colombia. In the following days Tropical Storm Iota intensified, becoming a major hurricane on 16 November.
Grand Cayman, Cayman Islands, December 9, 2020. CCRIF has made payouts totalling US$30.6 million to the Government of Nicaragua following the passage of Tropical Cyclones Iota and Eta, which made landfall as Category 4 hurricanes along the Nicaraguan coast within two weeks of each other in November. Both hurricanes resulted in landslides and flooding, displacing thousands, with Nicaragua’s National Disaster Prevention System (SINAPRED) reporting that at least 16 persons died and many are still missing.
On 2 November, Tropical Storm Eta rapidly intensified, becoming a major hurricane, and on 3 November it made landfall in Nicaragua as a category 4 Hurricane. Hurricane-force winds and catastrophic storm surge were experienced near the landfall point. While moving across Nicaragua, Eta rapidly lost intensity, being downgraded to a tropical storm on 4 November and to a tropical depression on 5 November, when it left the country heading for Honduras. During this period, tropical-storm-force winds extended over a large part of Nicaragua.
Kingston, Jamaica, December 1, 2020. On November 26, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) presented a cheque for US$250,000 to The University of the West Indies (The UWI) for scholarships and for covering the tuition fees of students who are in need of financial support this academic year.
Renata Philogene-McKie, MSc. in Risk, Crisis and Disaster Management, University of Leicester, 2018
Kevin Patrick Douglas, MSc In Disaster Management, The University of the West Indies, 2011
Kellesia Williams, MSc Natural Resource Management, The University of the West Indies, 2018
Gerarda Ramcharansingh, MSc. Natural Resources Management - Disaster Management, The University of the West Indies, 2011.