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2010

Caribbean Governments receive US$12.8M insurance payout from CCRIF following passage of Tomas

Grand Cayman, 17 November, 2010 – Today, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) completed insurance payments to the Governments of Barbados, Saint Lucia and St. Vincent & the Grenadines following the passage of Tropical Cyclone Tomas which passed close to these islands on 30 and 31 October, 2010.  CCRIF released to each country 50% of their payouts on 7 November, seven (7) days after the storm’s passage – well before the end of the customary 14-day waiting period – to facilitate requests from the three countries.

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Government of Anguilla receives US$4.28M insurance payout following passage of Hurricane Earl

16 September, 2010 – Today, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) paid the Government of  Anguilla US$4,282,733 following the passage of Tropical Cyclone Earl which passed close to the island on 30 August, 2010.  This amount was due to the Government  based on its catastrophe insurance policy for hurricanes which forms part of the country’s disaster risk management strategy.   The value represents almost 20 times the annual premium of US$225,000 that the Government pays for hurricane coverage.

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CCRIF to make payout to Anguilla after Hurricane Earl

Grand Cayman, 31 August, 2010 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is preparing to make a payout to the Government of Anguilla as a result of Tropical Cyclone Earl which passed close to Anguilla and other islands in the northeastern Caribbean as a major hurricane yesterday.

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Caribbean Economics of Climate Adaptation Study results released

Grand Cayman, 18 August 2010 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has released the preliminary results of a study on the Economics of Climate Adaptation (ECA) in the Caribbean.

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Caribbean Countries Renew Hurricane and Earthquake Coverage

Grand Cayman, 1 July 2010 – All sixteen members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June – the start of the hurricane season. The National Oceanic and Atmospheric Administration forecast estimates an 85% chance of an above normal hurricane season this year. This could have serious implications for Caribbean islands and potential losses, especially given the poor economic conditions still affecting the region.

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Economics of Climate Adaptation Study for the Caribbean

Bridgetown, Barbados 12 May, 2010 – On 12 and 13 May, over 40 representatives from Caribbean and international agencies will meet in Barbados to discuss the initial results from a recent investigation into the Economics of Climate Adaptation (ECA) in the Caribbean. This study, funded by the Caribbean Catastrophe Risk Insurance Facility as part of its technical assistance programme, was launched in February to enable the development of a fact base for developing sound climate change adaptation strategies in the region.

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CCRIF – The case for upscaling

Grand Cayman, 15 March, 2010 – Since 2007, sixteen Caribbean governments have included parametric insurance policies against hurricanes and earthquakes from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) as part of their countries’ disaster risk management portfolios. In light of the recent earthquakes in Haiti and Chile, many of these countries are re-examining their preparedness for natural catastrophes, including their levels of coverage under CCRIF.

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CCRIF and CIMH to launch excess rainfall model for new insurance policy

Bridgetown, Barbados, 24 February, 2010 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) and the Caribbean Institute of Meteorology and Hydrology (CIMH) are launching their Regional Rainfall Model on Thursday, 25 February, 2010 at CIMH in Husbands, Barbados. This synthetic rainfall generation model will enable the provision of excess rainfall insurance policies for Caribbean countries via CCRIF, and will provide a valuable tool for the region aimed at better managing the risks of extreme rainfall events.

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CCRIF and ECLAC create partnership for disaster risk reduction

Port-of-Spain, Trinidad & Tobago, 22 February, 2010 – The Caribbean Catastrophe Risk
Insurance Facility (CCRIF) and the United Nations Economic Commission for Latin America and
the Caribbean (UNECLAC) will sign a Memorandum of Understanding (MOU) formalising a
partnership to facilitate capacity building and to develop strategies for mitigating the physical and
socio-economic impacts of natural disasters, such as hurricanes and earthquakes, on countries in the
region.

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CCRIF and CIMH Provide Support for Haiti in its Reconstruction Efforts

6 February, 2010 – As efforts in Haiti start focusing on providing shelter for earthquake survivors, on the re-building and reconstruction process, and on improving scientific understanding of earthquake risks, it is not too soon to focus also on hydro-meteorological hazards. The hurricane season starts in four short months – on June 1, and Haiti’s population remains amongst the most vulnerable in the world to rainfall, flooding and landslide hazards.

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