Ahead of the annual hurricane season, CCRIF SPC (formerly Caribbean Catastrophe Risk Insurance Facility) said it has expanded coverage for the current policy year to $1.57 billion from $1.44 billion a year ago, thanks to a 70% increase in coverage for its Caribbean portfolio and 80% for its Central America portfolio.
CCRIF CEO Isaac Anthony said in a statement ahead of hurricane season that the organization is not just an insurance company but a “development” insurance company, offering parametric insurance products designed to enhance climate and financial resilience while building regional disaster risk management capacity.
“I am proud to report that our membership and coverage continue to grow as we enter this hurricane season. We welcome new members to the CCRIF family, the Public Service Company of Jamaica, GPS, Nevis Power Company Limited, expanding our portfolio of electric utilities in Jamaica and Nevis,” Anthony said.
He continued: “We also welcome Jamaica’s decision to purchase Coast products, our parametric insurance solution for the fishing sector. This adds a whole new layer of protection for Jamaica’s blue economy, fishing communities, food security and local economies.”
As mentioned earlier, the organization’s coverage increased from $1.44 billion last year to $1.57 billion this year.
This represents a 9% increase in overall coverage, reflecting a 70% increase in CCRIF’s Caribbean portfolio and an 80% increase in its Central America portfolio.
Since its inception in 2007, CCRIF has reportedly made 82 individual payments totaling $483 million, with each payment being made within 14 days.
“What moves me most during this period is not only the growth of CCRIF, but also the gesture of our members. They are actively expanding their coverage,” Anthony said.
He added, “They are not waiting until the next disaster strikes to ask themselves what they should do. They are acting now with foresight and financial discipline.”
With this in mind, CCRIF is also moving forward with its strategic plan for 2025 to 2030, which the company says is its most ambitious plan to date.
“Under the plan, we will expand parametric insurance coverage across social and economic sectors, expand parametric insurance coverage to cover millions of low-income individuals and households, leverage artificial intelligence to enhance catastrophe risk models, develop public-private partnerships to close protection gaps at speed and scale, and explore additional tools such as insurance-linked loans,” Anthony noted.
He continued: “This is truly a bold agenda that reflects our unwavering belief that the Caribbean and Central America can become the most climate resilient regions in the world.
“To our members, thank you for your trust, engagement and vision. Your decision to invest in financial protection is a decision to protect the people, governments and utilities of our region. For those who are not already members, the door is open. Every hurricane season without pre-arranged financing is a season of unnecessary exposure.
“We are here to help you change that. Our development partners, regional organizations and the international community thank you for recognizing that financial resilience is not a supplement to development, but a prerequisite for it.
“Finally, to our reinsurers, without whose capital our members would be largely unprotected, I want to thank you for your support over the years. To all my brothers and sisters in the Caribbean and Central America, goodbye, stay safe, and know that CCRIF stands behind you.”
