The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its risk pool by 10% year-on-year, as its member governments renewed $1.2 billion of parametric insurance coverage against catastrophe, climate and seismic perils.
Parametric insurance cover has been renewed by Caribbean and Central American governments for tropical cyclones, excess rainfall and earthquakes, as well as the newer fisheries sector product from the CCRIF, all for the policy year 2022/23, which began on June 1st 2022.
In total, members ceded US $1.2 billion of risk in parametric form for their earthquake, tropical cyclone and excess rainfall policies.
FULL ORIGINAL PUBLICATION HERE
