Grand Cayman, Cayman Islands, June 14, 2021. CCRIF SPC is pleased to announce that its member governments have renewed their parametric insurance coverage for tropical cyclones, excess rainfall, earthquakes, and the fisheries sector ahead of the upcoming 2021 Atlantic Hurricane Season. This is the second year in a row that members have ceded over US$1 billion in risk to CCRIF. Season. This is the second year in a row that members have ceded over US$1 billion in risk to CCRIF. The Facility’s first non-government member, ANGLEC – Anguilla’s electric utility company – not only renewed but increased its coverage.
ANGLEC joined CCRIF in 2020, purchasing the newest product that offers coverage for electric transmission and distribution systems. CCRIF started operations in 2007 with 16 Caribbean member governments and just under US$500 million in coverage for tropical cyclones and earthquakes. Fourteen years later, CCRIF now offers five parametric insurance products to 23 members (19 Caribbean governments, 3 Central American governments and 1 electric utility).
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