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31 Oct 2018 description

Grand Cayman, Cayman Islands, October 31, 2018. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that for the second year in a row, Trinidad & Tobago received a payout on its Excess Rainfall policy following a period of heavy rainfall in October. The Government received a payout of US$2,534,550 (approximately TT$17 million) due to heavy rains between October 18 and 20 2018.

22 Oct 2018 description

Bridgetown, Barbados, October 22, 2018. On Friday October 19th, Barbados Prime Minister Honourable Mia Amor Mottley met with CCRIF CEO Mr. Isaac Anthony, Deputy Chairperson Mrs. Desirée Cherebin and Board member Mrs. Faye Hardy at a short ceremony to mark the payout by CCRIF to the Government of Barbados following the passage of Tropical Storm Kirk in October. The payout of US$5.8 million – or BDS$11.6 million – was made under the country’s Excess Rainfall policy and was made within 14 days of the event.

09 Oct 2018 description

Grand Cayman, Cayman Islands, October 9, 2018: CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that Barbados will receive a payout of US$5,813,299 (approximately BDS$11.6 million) on its Excess Rainfall policy due to heavy rainfall that occurred during the passage of Tropical Storm Kirk.

25 Sep 2018 description

BACKGROUND

The United Nations Framework Convention on Climate Change (UNFCCC) underlines that the Caribbean is particularly vulnerable towards climate related hazards and the projected impacts are expected to be devastating due to limited adaptive capacity of small islands and low-lying coastal states.

20 Jun 2018 description

Over the past 30 years in the Caribbean, floods and tropical storm damage affected 1.5 million people directly and caused over USD 5 billion in damage. The increasing frequency and intensity of extreme weather events stresses societies and natural systems.

30 Oct 2017 description

Grand Cayman, Cayman Islands, October 30, 2017. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that Trinidad & Tobago will receive a payout of US$7,007,886 (approximately TT$47.4 million) on its Excess Rainfall policy following a period of heavy rainfall between October 18 and October 20 2017. CCRIF was able to determine the value of the payout after the end of this rainfall event and the payout will be made to the Government within 14 days after the end of the event.

22 Sep 2017 description

Grand Cayman, Cayman Islands, September 22, 2017. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that Dominica will receive a payout of US$19,294,800 under its tropical cyclone policy following the passage of Hurricane Maria on September 19. This payout will be made within 14 days of the hurricane. CCRIF was designed to provide quick liquidity to governments of the Caribbean and Central America following catastrophic impacts from tropical cyclones, earthquakes and excess rainfall.

19 Sep 2017 description

Grand Cayman, Cayman Islands, September 19, 2017. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that since its inception in 2007, it has made payouts of a little more than US$100 million to 12 of its 17 member countries – all within 14 days of the event. The US$100 million mark was reached following payouts under the excess rainfall policy of three countries – Anguilla, Turks & Caicos Islands and The Bahamas – as a result of rainfall from Hurricane Irma.

12 Sep 2017 description

Grand Cayman, Cayman Islands, September 12, 2017 – CCRIF will make payments totalling US$29.6 million to 6 Caribbean governments impacted by Hurricane Irma under their tropical cyclone insurance policies.

07 Sep 2017 description

Grand Cayman, Cayman Islands, September 7, 2017 – CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will be making payouts totalling approximately US$15.6 million (EC$42 million) to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis as a result of the passage of Hurricane Irma which triggered payments on these countries’ Tropical Cyclone policies. Preliminary calculations of the payouts for each country are: (see attached PDF)

13 Dec 2016 description

Grand Cayman, Cayman Islands, December 12, 2016 – CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a payout of US$1,110,193 to the Government of Nicaragua as a result of the passage of Hurricane Otto which triggered a payment on the country’s Tropical Cyclone policy. The payment was made on December 9th – 14 days after the passage of the hurricane.

08 Nov 2016 description

November 7, 2016. Port-au-Prince, Haiti - Today the CEO of CCRIF SPC, Mr. Isaac Anthony met with Haiti’s Minister of Finance, Hon. Yves Bastien and his advisors to discuss the recent payouts of US$23.4 million to Haiti made under the country’s tropical cyclone and excess rainfall policies, as a result of Hurricane Matthew’s passage through that country last month. This is the largest payment ever made by CCRIF for a single event - with total payouts to Haiti representing approximately 46% of all payments made by CCRIF since its inception in 2007.

20 Oct 2016 description

Payments totalling US$29,204,248 were made to Haiti, Barbados, Saint Lucia and St. Vincent & the Grenadines on their Tropical Cyclone and/or Excess Rainfall policies by October 17 - within 14 days of end of hazard event.

Yesterday, CCRIF CEO Mr. Isaac Anthony officially presented the payout cheque for US$3,781,788 to Saint Lucia Prime Minister Honourable Allen Chastanet at a short ceremony at the Prime Minister’s Office.

13 Oct 2016 description

Grand Cayman, Cayman Islands, October 12, 2016 – CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is now preparing to make additional payouts totalling almost US$8 million to CCRIF member countries. These payouts will be made to Haiti, Barbados, Saint Lucia and St. Vincent & the Grenadines as a result of the heavy rains from Hurricane Matthew, which triggered payments on these countries’ Excess Rainfall policies.

12 Oct 2016 description

Haiti, a Borrowing Member Country of the Caribbean Development Bank (CDB) is set to receive a payout of just over USD20 mn from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) on the country’s tropical cyclone policy, following the passage of hurricane Matthew. CDB has paid Haiti’s catastrophe risk insurance premium to CCRIF since 2010.

06 Oct 2016 description

Grand Cayman, Cayman Islands, October 6, 2016 – CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is preparing to make a payout to the Government of Haiti as a result of the passage of Hurricane Matthew which triggered a payment on the country’s Tropical Cyclone policy. Based on preliminary calculations, Haiti will receive a little over US$20 million – the largest payment ever made by CCRIF. This was revealed this afternoon by CCRIF Chairman Mr. Milo Pearson at the IMF/World Bank Group Annual Meetings.

23 Aug 2016 description

Grand Cayman, Cayman Islands, August 22, 2016 – On August 18, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a payout of US$261,073 to the Government of Belize under its excess rainfall insurance policy, as a result of heavy rains that affected the country on August 4 & 5 during Hurricane Earl. CCRIF’s prompt payment to the Government demonstrated its commitment to provide policy payouts within two weeks after a qualifying hazard event.

10 Sep 2015 description

Grand Cayman, Cayman Islands, September 10, 2015 – CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has made a payment of EC$6.5 million (approximately US$2.4 million), the maximum payable under the policy, to the Government of Dominica under the Facility’s Excess Rainfall Programme – as a result of rains that occurred during Tropical Storm Erika on August 27, 2015. CCRIF will also, following consultation with the Government of Dominica, provide additional financial assistance under its Technical Assistance Programme, for specific rebuilding projects.

13 Aug 2015 description

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.

18 Apr 2015 description

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.