The 16 member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) renewed their hurricane and earthquake insurance policies for 2012-13.
CCRIF is rebating 25% of their 2011-12 premiums, suggesting they use the funds to buy more insurance, such as excess rainfall event coverage, or to improve hazard risk resilience and adaptation to climate change.
5 June 2012: The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that all 16 member governments have renewed their hurricane and earthquake insurance for the 2012-2013 policy year, and that the Facility has provided them with a 25% rebate on their 2011-2012 policy year premium because none of their policies had been triggered.
CCRIF is encouraging member governments to use the rebates either to purchase additional coverage or to fund steps to improve hazard risk resilience and climate change adaptation.
Since its inception in 2007, CCRIF has made eight payouts – on three earthquake policies and five hurricane policies – totaling US$32,179,470 to seven Member States. Payouts are made within a month and often constitute the first cash infusion after a disaster, used to restore water and power services, clear affected areas and capitalize special recovery funds. In the 2012-2013 policy year, CCRIF is offering new excess rainfall insurance covering extreme rainfall events. To date, CCRIF hurricane policies have only addressed wind and storm surge damage.
CCRIF is a non-profit risk pooling facility owned, operated and registered in the Caribbean for 16 Caribbean governments, namely: Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, and the Turks and Caicos Islands. [CCRIF Press Release]