The Bahamas’ Insurance Policy with CCRIF Triggers following Hurricane Dorian

Grand Cayman, Cayman Islands, September 6, 2019.  CCRIF will pay The Bahamas approximately eleven million United States dollars (US$10,936,103) following the passage of Hurricane Dorian that caused widespread devastation in the northern part of the 700-island archipelago. The Bahamas has 3 tropical cyclone policies with CCRIF, each one covering a section or zone of the archipelago – North West, South East and Central. It is the tropical cyclone policy for the North West Zone – which includes the Abaco Islands and Grand Bahama – that was triggered.

CCRIF Launches Innovative Set of Web-based Tools for Members to Support Monitoring of Natural Hazards and their Potential Impacts

Grand Cayman, Cayman Islands, August 29, 2019. CCRIF has launched a web-based platform through which its members can monitor earthquakes as well as the development of potentially damaging heavy rainfall and tropical cyclones, analyze their intensity and assess their impact, as well as check whether an active insurance policy with CCRIF is likely to be triggered.

CCRIF Internship Programme 2019 Supports 19 Young Caribbean Professionals to Gain Work Experience in Disaster Risk Management and Climate Change Adaptation

Grand Cayman, Cayman Islands, August 2, 2019. Under its Regional Internship Programme for 2019, CCRIF has placed 19 young university graduates from 7 Caribbean countries as interns in 14 national or regional host organizations to gain work experience and assist these organizations with undertaking key assignments or research. Each year CCRIF allocates US$75,000 to the programme which is used to provide each intern with a stipend for the 2-month internship and for airfare and accommodation for those interns placed in organizations outside of their home country.

Caribbean Countries to Benefit from Access to Insurance for the Fisheries Sector

Grand Cayman, Cayman Islands, July 3, 2019. CCRIF SPC and the World Bank are pleased to announce that on July 1, the Facility issued the Caribbean Oceans and Aquaculture Sustainability FaciliTy (COAST) fisheries parametric insurance policy to two of its member governments – Grenada and Saint Lucia. The COAST insurance policies provide coverage for fisherfolk and other players in the fisheries industry to enable them to recover quickly after weather-related events.  Initial funding for COAST has been provided by the U.S. State Department.
 

Caribbean Governments Renew their Insurance Coverage with CCRIF for 2019/20

Grand Cayman, Cayman Islands, June 18, 2019.  As of June 1, all Caribbean members of CCRIF SPC completed the selection of their CCRIF insurance portfolio for 2019/20, with nine Caribbean governments increasing their level of coverage for at least one of their policies and one country purchasing cover for an additional peril (tropical cyclone) that it did not have last year.

Caribbean Countries to benefit from Partnership to Develop Climate-resilient Fisheries and Aquaculture Industries

Grand Cayman, Cayman Islands, April 10, 2019. The Caribbean Regional Fisheries Mechanism (CRFM) and CCRIF SPC have signed a Memorandum of Understanding to develop climate-resilient fisheries and aquaculture industries in the region. The purpose of the MOU is to formalize collaboration around the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) initiative, which will help to reduce the risk that climate change poses to food security and nutrition and to mitigate climate change impacts on sustainable food production as it relates to the fisheries sector.

CCRIF Expands Membership in Central America - Welcomes Panama

Grand Cayman, Cayman Islands, January 7, 2019. CCRIF SPC is pleased to announce that the Government of Panama has joined the Facility and has purchased parametric insurance cover for excess rainfall. Panama joined the Facility as a late entrant this policy year which began on June 1, 2018. CCRIF’s membership now stands at 21 countries – 19 Caribbean governments and 2 Central American governments. CCRIF welcomed four new countries to the Facility this policy year - British Virgin Islands, Montserrat, St.

CCRIF Makes Payout to Trinidad & Tobago after October Rains

Grand Cayman, Cayman Islands, October 31, 2018. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that for the second year in a row, Trinidad & Tobago received a payout on its Excess Rainfall policy following a period of heavy rainfall in October. The Government received a payout of US$2,534,550 (approximately TT$17 million) due to heavy rains between October 18 and 20 2018.

CCRIF Makes Payout of US$5.8 million to the Government of Barbados following the Passage of Tropical Storm Kirk

Bridgetown, Barbados, October 22, 2018. On Friday October 19th, Barbados Prime Minister Honourable Mia Amor Mottley met with CCRIF CEO Mr. Isaac Anthony, Deputy Chairperson Mrs. Desirée Cherebin and Board member Mrs. Faye Hardy at a short ceremony to mark the payout by CCRIF to the Government of Barbados following the passage of Tropical Storm Kirk in October. The payout of US$5.8 million – or BDS$11.6 million – was made under the country’s Excess Rainfall policy and was made within 14 days of the event.

CCRIF to Make 1st Payout of the 2018/19 Policy Year to Barbados

Grand Cayman, Cayman Islands, October 9, 2018. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that Barbados will receive a payout of US$5,813,299 (approximately BDS$11.6 million) on its Excess Rainfall policy due to heavy rainfall that occurred during the passage of Tropical Storm Kirk.

Barbados has been a member of CCRIF since its inception in 2007 and has received five previous payouts totaling US$13.5 million. This payout will bring the total value of payouts to Barbados to US$19.3 million – as shown in the table below.

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