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CCRIF makes parametric rainfall insurance payouts after tropical storm Philippe

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made two payouts for Caribbean countries parametric excess rainfall insurance policies, after tropical storm Philippe in early October.

Tropical storm Philippe made landfall on Antigua and Barbuda on October 2nd and then came close to the British Virgin Islands on October 4th, with heavy rain and flooding affecting both countries.

As a result, CCRIF has made roughly US $3.4 million in payouts on these countries’ parametric insurance policies for Excess Rainfall


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