Topic: Caribbean Catastrophe Risk Insurance Facility

While the lessons of Hurricane Ivan have changed how governments look at risk and disaster management, 20 years on there is still work to be done to protect vulnerable communities, according to the head of a regional risk insurance body. 

Member governments of the CCRIF, formerly known as the Caribbean Catastrophe Risk Insurance Facility, have renewed their insurance coverage for tropical cyclone, excess rainfall and earthquakes ahead the 1 June start of this year's hurricane season. Caribbean and Central American governments ceded more than US$1 billion in risk to the CCRIF and increased their overall coverage by 8%.

The government of the Bahamas has received the first tranche of a cash payout of nearly $11 million from Caribbean Catastrophe Risk Insurance Facility (CCRIF) to help deal with the most immediate financial needs in the aftermath of Hurricane Dorian, which caused widespread devastation on the Abaco Islands and Grand Bahama.

The regional risk insurance facility for Caribbean and Central American governments will pay US$19 million to Dominica under the island’s tropical hurricane coverage following the passage of Hurricane Maria on Sept. 19.