The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has made US $15.2 million in pay-outs to members after hydro-meteorological events that took place during the 2022 hurricane season.
While there were no payouts after hurricane Ian, the most impactful event to the insurance, reinsurance and insurance-linked securities (ILS) industry of this year’s hurricane season, lesser storms and extreme rains have once again demonstrated the efficacy of parametric triggers when it comes to delivering responsive risk transfer protection.
Nicaragua received an $8.9 million payout from the country’s tropical cyclone policy after Hurricane Julia, affecting thousands of houses, causing downed electrical poles and wiring and many fallen trees.
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