Grand Cayman, Cayman Islands, December 9, 2020. CCRIF has made payouts totalling US$30.6 million to the Government of Nicaragua following the passage of Tropical Cyclones Iota and Eta, which made landfall as Category 4 hurricanes along the Nicaraguan coast within two weeks of each other in November. Both hurricanes resulted in landslides and flooding, displacing thousands, with Nicaragua’s National Disaster Prevention System (SINAPRED) reporting that at least 16 persons died and many are still missing.
Kingston, Jamaica, December 1, 2020. On November 26, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) presented a cheque for US$250,000 to The University of the West Indies (The UWI) for scholarships and for covering the tuition fees of students who are in need of financial support this academic year.
Grand Cayman, Cayman Islands, November 17, 2020. CCRIF will make a payout of US$10.7 million to the Government of Nicaragua following the passage of Tropical Cyclone Eta. As is customary and part of the Facility’s customer proposition, all payouts are made within 14 days of the event. Indeed, CCRIF has already paid an advance of US$3.7 million to the Government of Nicaragua, with the remainder to be paid by November 19, following verification of the final model results.
Grand Cayman, Cayman Islands, October 1, 2020. CCRIF SPC has launched its newest parametric insurance product, which has been developed for the electric utility sector in the Caribbean. According to CCRIF CEO, Mr. Isaac Anthony, “The development of this product is part of the scaling-up plans of CCRIF, which has as one area of focus the expansion of the Facility’s product offerings, an example of which is to address the needs of the electric utility sector in the Caribbean”.
Grand Cayman, Cayman Islands, September 8, 2020. CCRIF SPC made a payout of approximately US$7.2 million to the Government of Haiti on its Excess Rainfall (XSR) parametric insurance policy following three days of heavy rainfall associated with Tropical Cyclone Laura.