17 October 2019Insurance

CCRIF welcomes Guatemala to the facility as its third Central American member.

CCRIF SPC, a segregated portfolio company, owned, operated and registered in the Caribbean has welcomed the Government of Guatemala to the facility as its third Central American member.

Guatemala has purchased parametric insurance cover for excess rainfall for the 2019/20 policy year. CCRIF’s membership now stands at 22 countries – 19 from the Caribbean and three from Central America.

CCRIF, established in 2007, provides parametric insurance coverage for tropical cyclones, earthquakes and excess rainfall to limit the financial impact of these catastrophes by quickly providing financial liquidity when a policy is triggered.

The facility was originally established for Caribbean governments, but in 2015, CCRIF signed a memorandum of understanding with the Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN) to enable Central American countries to join the facility.

Nicaragua was the first Central American country to join and has been a member of CCRIF since 2015. In its first year, the Government received two payouts totalling US$1.6 million on its earthquake and tropical cyclone policies. Guatemala joins Nicaragua and Panama as CCRIF’s three Central American members.

CCRIF provides parametric insurance coverage to the two regions through different segregated portfolios or cells. It aggregates disaster risks within the two regions but keep the risks segregated across regions, achieving the kind of risk diversification and spreading within each zone that members are not able to attain on their own and reducing costs by sharing operational services between both regions.

CCRIF CEO Isaac Anthony said: “CCRIF was not designed to cover all losses on the ground, but rather to provide a quick injection of liquidity following a natural disaster for emergency relief and early recovery needs, thereby reducing post-disaster resource deficits and government budget volatility.”

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

​​On-demand insurance set to become a bigger part of the industry: IUA AXIS introduces thermal coal and oil sands underwriting and investment policy
​​
AIG set to be involve​​d in Elon Musk defamation case: Bloomberg

Illegal cannabis farms drive surge in malicious damage claims

Swiss Re and Pioneer collaborate on telematics solution


Applied Underwriters acquired by founder

Applied Systems updates digital agency portfolio

Beyontec launches insurance solution for non-standard auto MGAs

Sedgwick outlines Asia growth plans

EPIC acquires Prime Risk Partners

Government of Guatemala joins CCRIF

CNA appoints Mark James chief risk and reinsurance officer

Feature:  10 ways insurers are using insurtech to drive new business

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
26 June 2020   CCRIF has recently received a grant of $11 million from the European Union (EU) for its Caribbean members.
Insurance
27 September 2019   The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has paid out $12.8 million to the Bahamas Government for Hurricane Dorian that caused widespread devastation in the northern part of the country.
Insurance
5 July 2019   A parametric fisheries insurance policy for Carribean governments, described as “pioneering” by the issuing body, has been taken up by the authorities of Grenada and Saint Lucia.