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Grand Cayman, Cayman Islands, August 13, 2015 – The 16 Caribbean member governments of CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) completed their catastrophe insurance portfolios for 2015/2016. All 16 Caribbean members renewed their hurricane policies; all 13 that had earthquake policies renewed those; and 12 obtained excess rainfall coverage – an increase of 4 over the 8 countries that purchased excess rainfall policies for the first time last year.
Nicaragua is the first Central American country to sign up to the insurance
WASHINGTON, April 18, 2015 - The Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN) and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) signed today a memorandum of understanding that enables Central American countries to formally join the facility to access low cost, high quality sovereign catastrophe risk insurance.
Grand Cayman, Cayman Islands, August 4, 2014 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is pleased to announce that eight of its members have become the first countries to purchase its excess rainfall insurance coverage – for the 2014/2015 policy year.
Grand Cayman, Cayman Islands, July 8, 2014 – The sixteen member countries of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) will benefit from the first ever catastrophe (“cat”) bond issued by the World Bank (International Bank for Reconstruction and Development). This US$30 million transaction is the first of the World Bank’s newly created Capital-at-Risk Notes Program and will address earthquake and tropical cyclone risk in the CCRIF member countries.
Grand Cayman, Cayman Islands, August 19, 2013 – The sixteen member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) renewed their hurricane and earthquake insurance for the 2013/14 policy year that started June 1. Since CCRIF’s inception in 2007 – and despite increasing economic and financial pressures – member countries have recognised the value of including CCRIF’s parametric hurricane and earthquake coverage in their national disaster risk management strategies.
Grand Cayman, August 19, 2013 – Over a two-day period, August 14 – 15, 25 meteorologists and disaster managers from across the region benefitted from training in the Caribbean Catastrophe Risk Insurance Facility’s (CCRIF’s) Real-Time Forecasting System (RTFS). The RTFS is an innovative forecasting tool which is designed to assist countries with pre-storm planning.
Belmopan, Belize, August 23, 2011 – The Caribbean Community Climate Change Centre (CCCCC) and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have strengthened their partnership to be able to better assist Caribbean countries to develop climate change adaptation strategies. These two organisations currently play key roles in the collection and provision of critical information and knowledge on the impacts of climate change and by extension natural disasters on Caribbean countries.
Grand Cayman, 2 August, 2011 – As the 2011 Atlantic Hurricane Season gets underway, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) is providing assistance to Caribbean nations to prepare for the tropical cyclones that are expected to affect the region. This assistance takes two forms. The first is that CCRIF has made available its Real-Time Forecasting System (RTFS) to all its members.
Grand Cayman, 1 July 2010 - All sixteen members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June - the start of the hurricane season. The National Oceanic and Atmospheric Administration forecast estimates an 85% chance of an above normal hurricane season this year. This could have serious implications for Caribbean islands and potential losses, especially given the poor economic conditions still affecting the region.
Bridgetown, Barbados 12 May, 2010 - On 12 and 13 May, over 40 representatives from Caribbean and international agencies will meet in Barbados to discuss the initial results from a recent investigation into the Economics of Climate Adaptation (ECA) in the Caribbean. This study, funded by the Caribbean Catastrophe Risk Insurance Facility as part of its technical assistance programme, was launched in February to enable the development of a fact base for developing sound climate change adaptation strategies in the region.