A magnitude 5.3 earthquake occurred at 18:46:06 (UTC) on 27 February 2023, 55.1 km (34.2 mi) E of Jiquilillo, Nicaragua; 85 km (52.8 mi) E of El Viejo, Nicaragua and 86.4 km (53.7 mi) ESE of Corinto, Nicaragua. Final estimates from the United States Geological Survey (USGS) located the epicentre of the event at 12.652°N, 87.950°W, and at a depth of 77.3 km (48.03 mi).
CCRIF’s ability to provide parametric insurance coverage has always been underpinned by its parametric insurance models – which have evolved over the years... moving from off the shelf models, to CCRIF customized models and fi nally to models that are fully owned by CCRIF.
From its inception, CCRIF has based its operations on continuous improvement, and this has emerged as one of the core principles underpinning its corporate governance framework.
CCRIF has 24 members – 8 more than the original 16 governments that joined in 2007 – 3 from Central America and 19 from the Caribbean and 2 electric utility companies. CCRIF helps to mitigate the short-term cash fl ow problems small developing economies suffer after major natural disasters.
A critical challenge is often the need for short-term liquidity to maintain essential government services until additional resources become available.
Grand Cayman, Cayman Islands, February 27, 2023. Over 50 technocrats from 18 CCRIF Caribbean member countries and two regional organizations, met face-to-face in Miami over two days – February 16 and 17, 2023 – to deepen their knowledge and understanding of CCRIF’s parametric insurance models and products. CCRIF also took the opportunity to share with members the upgrades to its tropical cyclone, excess rainfall and earthquake models that are expected to underpin the Facility’s policies for the 2023/24 policy year which begins on June 1, 2023.
A magnitude 5.0 earthquake occurred at 13:13:23 (UTC) on 2 February 2023, 96.1 km (59.7 mi) WNW of Saint Paul, Antigua and Barbuda; 49.4 km (30.7 mi) SSW of Beauséjour, Guadeloupe and 62.2 km (38.6 mi) SW of Le Moule, Guadeloupe. Final estimates from the United States Geological Survey (USGS) located the epicentre of the event at 16.727°N, 60.935°W, and at a depth of 23.7 km (14.72mi).
A magnitude 6.2 earthquake occurred at 11:23:41 (UTC) on 20 January 2023, 116 km (72.09 mi) SSW of Saint John’s, Antigua and Barbuda; 122.82 km (76.32 mi) SSE of Charleston, Saint Kitts and Nevis and 95.7 km (59.5 mi) SE of Portsmouth, Dominica. Final estimates from the United States Geological Survey (USGS) located the epicentre of the event at 16.131°N, 62.156°W, and at a depth of 166.4 km (103.39 mi).
CCRIF’s Strategic Plan 2022 – 2025 has been produced at a time when the world and indeed our member governments and their populations continue to face unprecedented disruptive effects. Latin America and the Caribbean (LAC) is considered the region in the developing world that has been hardest hit by the pandemic, resulting in the worst economic contraction in the history of this region. This has been characterized by sharp increases in unemployment, which have had a knock-on effect on household incomes and the ability of families to meet basic needs.
For the past 15 years we have been able to consistently provide quick liquidity to our members within 14 days of a natural disaster when a country’s policy is triggered. This helps governments meet their most pressing needs after the disaster, support the most vulnerable in their population and continue government operations. Our member governments have demonstrated year after year that they are leading the way in putting fi nancial protection mechanisms in place to address disaster risk.
A magnitude 5.1 earthquake occurred at 06:33:23 (UTC) on 20 December 2022, 95.5 km (59.4 mi) W of Codrington, Antigua and Barbuda; 120 km (74.8) SW of Saint John, Antigua and Barbuda and 166.8 km (103.7 mi) SSW of Le Moule, Guadaloupe. Final estimates from the United States Geological Survey (USGS) located the epicentre of the event at 17.781°N, 60.946°W, and at a depth of 15.4 km (9.56 mi).