CCRIF to makes first payout to Barbados in 2018/19 policy year

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has made its first payout to Barbados on its excess rainfall policy in the 2018/19 policy year.

Barbados will receive a payout of $5.8 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 totalling $13.5 million so far. This latest payout will bring the total value of payouts to Barbados to $19.3 million.

After this payout to Barbados, CCRIF will have made 37 payouts totalling $136.3 million to 13-member governments since 2007 – all within 14 days of the end of the event, according to a corporate statement. Since the start of this policy year on June 1, three additional countries have joined the facility – the Virgin Islands, Montserrat and Sint Maarten. CCRIF’s membership now stands at 20 countries –19 Caribbean governments and 1 Central American government.

CCRIF SPC is a regional fund utilising parametric insurance giving member governments the opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Hurricane Michael losses expected at up to $4.5bn

Catalina raises $700m additional capital from Apollo

Hiscox appoints CFO for reinsurance, ILS

Lloyd’s commits to honouring claims in no-deal Brexit

Reinsurers on the hook for hurricane Michael losses

Newly merged SSL Endeavour boosts property team with Aon hire

Brokerslink bolsters broker network in Africa

Don't miss our insurtech email newsletter - sign up today