Grand Cayman, Cayman Islands, September 10, 2015 – CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has made a payment of EC$6.5 million (approximately US$2.4 million), the maximum payable under the policy, to the Government of Dominica under the Facility’s Excess Rainfall Programme – as a result of rains that occurred during Tropical Storm Erika on August 27, 2015.
Grand Cayman, Cayman Islands, August 13, 2015 – The 16 Caribbean member governments of CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) completed their catastrophe insurance portfolios for 2015/2016. All 16 Caribbean members renewed their hurricane policies; all 13 that had earthquake policies renewed those; and 12 obtained excess rainfall coverage – an increase of 4 over the 8 countries that purchased excess rainfall policies for the first time last year.
The remnants of TC Danny (AL042015) caused heavy rainfall over the island of Dominica with areas receiving nearly 2 inches (50 mm) of rain in a short period on Monday 24 August, 2015. Antigua and Barbuda, Dominica and St. Kitts and Nevis were the only CCRIF member countries with Excess Rainfall policies1 that were affected by Danny. However, a Covered Area Rainfall Event (CARE) was only triggered in Dominica, where approximately 80% of the country’s area received excess rainfall.
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.
On April 18, 2015, COSEFIN members and CCRIF SPC gathered together to formally sign a Memorandum of Understanding allowing Central American countries access to low-cost, high-quality sovereign parametric catastrophe risk insurance through CCRIF SPC.INSIGHTS_Issue10_August_2015.pdf
This report was prepared at the request of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) with support from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to assess strategies for linking the ECLAC Damage and Loss Assessment (DaLA) Methology to the Post Disaster Needs Assessment (PDNA).Assessment_of_Strategies_for_linking_the_DaLA_and_PDNA_2014.pdf