In the last days of May 2020, the first named storm of the 2020 Pacific Hurricane Season was generated. This storm – Tropical Storm Amanda – developed from a large area of low pressure associated with a tropical wave. On May 31 (0900UTC) Tropical Depression Two-E evolved into Tropical Storm Amanda over the waters south of Guatemala. Hours later Amanda weakened and dissipated. However, as it crossed Guatemala and Mexico, its remnants reorganized to form Tropical Storm Cristobal in the oceanic waters of the Gulf of Mexico.
In the period between 23 May and 29 May, 2020, the interaction of different meteorological events generated disorganized rains over Panama. This interaction was influenced by conditions from both the Atlantic Basin and the Pacific Ocean.
This event briefing describes the impact of the precipitation on Panama, which is associated with a Covered Area Rainfall Event (CARE), starting on 27 May and ending on 29 May 2020.
“Mitigation of COVID-19 impacts ahead of the hurricane season that already started in the region requires extraordinary and coordinated measures. EU is strongly committed to stand together with its partners in the Caribbean, providing emergency support and participating in the social/economic recovery process. The €10 million support has been provided to CCRIF SPC to ease payment of member countries’ premiums and improve their risk coverage against natural hazards.”
Grand Cayman, Cayman Islands, June 2, 2020.
In mid-May 2020, The Bahamas Department of Meteorology indicated that weather conditions in The Bahamas were under the influence of a tropical depression system resulting in an adverse weather conditions that occurred from 16 to 17 May. The Department anticipated heavy rains and high winds for the central and northern Bahamas islands.
This event briefing describes the impact of the precipitation on The Bahamas North West1 region, which is associated with a Covered Area Rainfall Event (CARE), starting on 17 May and ending on 19 May 2020.
The entry of abundant moisture from both the Caribbean Sea and the Pacific Ocean generated favorable conditions that produced prolonged periods of rain/showers and thunderstorm activity over Guatemala from the first days of May 2020. Adverse weather was produced over the North, West, East, and Centre of Guatemala.
This event briefing describes the impact of the precipitation on Guatemala, which is associated with a Covered Area Rainfall Event (CARE), starting on 9 May and ending on 20 May 2020.
“The Caribbean is the only region in the world that has a regional insurance system. The CCRIF is quite unique and actually is looked upon by other countries as a possible lessons learned to see what can be extrapolated.”
“You’ve already created, Mr. President, an initiative and an innovative model for regional cooperation by pooling risks to respond to natural disasters. And therefore I think that the whole region is better equipped in the future to deal with these pending problems.” Former US Vice President Joe Biden, speaking about CCRIF at a meeting in 2013 with Trinidad and Tobago President Anthony Carmona and Prime Minister Kamla Persad-Bissessar and other Caribbean leaders
“The CCRIF’s ability to turn around payments in less than a month for eight separate cat claims since its inception in 2007 makes it a truly valuable and unique solution.” Ms. Dianne Batistoni – Partner, Financial Services- Insurance Group Eisner Amper, when Best’s Review January 2013 Innovative Showcase recognized CCRIF as a “good innovative/non-traditional approach to reinsurance for emerging/economically challenged countries”
“The sum is small, but the proof of concept, powerful. The CCRIF moved faster than the World Bank, faster than the IMF, faster than the U.S.< government. If another 0 or so were appended to the CCRIF financing numbers, it could become a superior alternative to ad hoc debt relief and debt creation at dire moments.” Center for Global Development, January 2010, referring to CCRIF’s payout of US$7.75 million after the January 2010 earthquake, which represented approximately 20 times Haiti’s earthquake premium