The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year.
With the latest US $4.7 million to support the 12 ODA-eligible Caribbean members of CCRIF, the European Union (EU) aims to help them access parametric tropical cyclone and excess rainfall protection, through subsidising the premiums on the parametric insurance policies.
The new funding was provided through a programme administered by the World Bank, and helped CCRIF to provide discounts of approximately 14% on the gross premium of members’ parametric tropical cyclone and excess rainfall policies.
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