November 21, 2019

The Bahamas’ Insurance policy with CCRIF triggers following Hurricane Dorian

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Grand Cayman, Cayman Islands, September 6, 2019. CCRIF will pay The Bahamas approximately eleven million United States dollars (US$10,936,103) following the passage of Hurricane Dorian that caused widespread devastation in the northern part of the 700-island archipelago. The Bahamas has 3 tropical cyclone policies with CCRIF, each one covering a section or zone of the […]

Student volunteers join OECS and CCRIF SPC to continue flood mitigation works in the Malgretoute community, Saint Lucia

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Mango, Cocoa and Chestnut trees were planted along the Fond/Malgretoute riverbank to prevent further soil erosion Wednesday, August 14, 2019 — The OECS Commission and the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) are continuing efforts to reduce flooding and strengthen resilience in the community of Malgretoute, in Micoud, Saint Lucia. This latest effort facilitated the planting of […]

Hurricane Kirk rainfall triggers $5.8m Barbados payout from CCRIF

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By Charlie Wood From Reinsurance News CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has announced that Barbados is to receive a $5.8 million payout due to heavy rainfall that occurred during the passage of Tropical Storm Kirk. The payout is CCRIF’s first of the 2018/19 policy year and brings […]

CCRIF SPC welcomes St. Maarten to the Facility

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Thursday, September 6, 2018 — CCRIF SPC is pleased to announce that St. Maarten has joined CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), purchasing coverage for tropical cyclones, earthquakes and excess rainfall. St. Maarten joined the Facility on September 1 as a late entrant this policy year which began on June 1, 2018. […]

Haiti to get Caribbean Development Bank support for CCRIF premiums

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From Artemis The Caribbean island nation of Haiti is to receive grant funding to help pay its premiums for parametric insurance cover from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility). The Caribbean Development Bank (CDB) has approved a grant of $3 million to support Haiti’s 2018-2019 insurance premiums for its […]

ECCB Governor appointed Chairman of CCRIF SPC

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Monday, July 2, 2018 — Eastern Caribbean Central Bank (ECCB) Governor, Mr. Timothy Antoine, has been appointed as Chairman of the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) effective July 1, for a 3-year term. Mr. Antoine succeeds Mr. Milo Pearson who chaired CCRIF’s board from its inception in 2007 and has now retired. At […]

CCRIF welcomes two new members: British Virgin Islands and Montserrat

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Thursday, June 14, 2018 — The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) is pleased to announce that the British Virgin Islands and Montserrat have joined the facility and purchased coverage for the 2018/19 policy year beginning June 1st. Both countries obtained tropical cyclone and excess rainfall policies and the Government of the Virgin Islands […]

Insurance for small islands in the Caribbean: The Caribbean Catastrophe Risk Insurance Facility (CCRIF)

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From Insure Silence In September 2017, Hurricanes Irma and Maria caused severe devastation in the Caribbean: on the island of Barbuda, 95 per cent of all buildings were destroyed. Thousands of people in the Caribbean lost their homes. Such events often also cause enormous financial damage. Economic losses caused by Hurricane Matthew in Haiti in […]

Catastrophic hurricanes Irma and Maria underscore need to press ahead with risk insurance for fishers, CRFM says

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Belize City, Friday, 20 October 2017 (CRFM)—Several Caribbean countries have been recently devastated by two catastrophic hurricanes, Irma and Maria, underscoring the need for Member States of the Caribbean Regional Fisheries Mechanism (CRFM) to press forward with risk insurance for the fisheries sector—being developed by the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF […]

Caribbean countries discuss multi-country cat bonds with World Bank

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From Artemis At a meeting of CARICOM Caribbean government leaders and international partners, hosted by the World Bank and International Monetary Fund (IMF), the topic of disaster resilience was high on the agenda and multi-country catastrophe bonds as well as other insurance solutions were discussed. The recent destructive hurricanes that impacted the Caribbean were discussed, […]