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CCRIF Happenings

Recent News

Grand Cayman, Cayman Islands, August 4, 2014 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is pleased to announce that eight of its members have become the first countries to purchase its excess rainfall insurance coverage – for the 2014/2015 policy year.  

Grand Cayman, Cayman Islands, July 8, 2014 – The sixteen member countries of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) will benefit from the first ever catastrophe (“cat”) bond issued by the World Bank (International Bank for Reconstruction and Development). This US$30 million transaction is the first of the World Bank’s newly created Capital-at-Risk Notes Program and will address earthquake and tropical cyclone risk in the CCRIF member countries.

Recent Hazard Event Reports

Tropical Cyclone (TC) Gonzalo affected four CCRIF member countries: Anguilla, Antigua and Barbuda, Bermuda and St. Kitts and Nevis. Of these countries, only Anguilla and St. Kitts and Nevis have Excess Rainfall (XSR) policies. As a result, this briefing describes the reported losses and damage in Anguilla and St. Kitts and Nevis due to extreme rainfall as a result of the passage of TC Gonzalo.

On 12 October 2014 at 1:30 pm AST (1730 UTC), the National Hurricane Center (NHC) produced a weather outlook on the development of Tropical Storm Gonzalo east of the northern Leeward Islands. Tropical storm warnings were issued for a number of Caribbean islands including CCRIF member countries Antigua and Barbuda, Anguilla, and St. Kitts and Nevis.

Featured Article

Hurricane Sandy passed through the Caribbean in October 2012, affecting three CCRIF member countries – Haiti, Jamaica and The Bahamas, although not to the extent of triggering their tropical cyclone policies.