The Caribbean Catastrophic Risk Insurance Segregated Portfolio Company (CCRIF SPC) has announced that all of its member countries have renewed their parametric insurance coverage for over $1 billion.
The policy covers tropical cyclones, excess rainfall, earthquakes and fisheries and the coverage this year represents an 8% increase over years past.
“The European Union under its global COVID -19 response has provided a grant of €10 million to CCRIF for premium support and increasing coverage for its Caribbean members,” CCRIF noted.
This provides a 26% discount on total gross premium or an increase in policy coverage under a member country’s CCRIF parametric insurance policies.“ Additionally, CCRIF is providing: 5% discount on gross premium for tropical cyclone coverage and a further discount of 15% on additional coverage purchased by members for increased tropical cyclone and/or earthquake coverage for 2020/21. (NG)
Extract from CARICOM BUSINESS Vol. 3 No 23, as of June 5, 2020
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