GEORGE TOWN, Cayman Islands (CMC) —The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) says its member governments in the Caribbean have all renewed their parametric insurance coverage for tropical cyclone, excess rainfall, earthquake and fisheries in light of the 2020 Atlantic Hurricane Season.

CCRIF SPC said it prides itself in being the world's first regional fund utilising parametric insurance, “giving member governments the unique opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage with lowest-possible pricing”.

To support Caribbean governments whose social and economic sectors have been significantly disrupted by the novel coronavirus (COVID-19), CCIF said in a statement that the European Union (EU), under its Global COVID-19 Response, has provided a grant of €10 million (US$11 million) to CCRIF for premium support or for increasing coverage for its Caribbean members.

CCRIF said that the EU support that is available for each member country would provide at least a 26 per cent discount on total gross premium or an increase in policy coverage under their CCRIF parametric insurance policies.

Again in 2014, CCIF said the EU contributed to the capitalisation and development of new parametric insurance products for current and potential members of CCRIF, and to facilitate the entry of Central American countries and additional Caribbean countries to join the facility.