GRAND CAYMAN, Cayman Islands — The Caribbean Catastrophe Risk Insurance Facility (CCRIF) says its member governments have all renewed their parametric insurance coverage for tropical cyclone, excess rainfall, earthquake and fisheries ahead of the upcoming 2020 Atlantic Hurricane Season, ceding over US$1 billion in risk to CCRIF and increasing overall coverage by eight per cent.

The facility added that to support Caribbean governments whose social and economic sectors have been significantly disrupted by COVID-19, 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.

The CCRIF said the renewal of countries’ catastrophe risk insurance policies at this time signals the strategic importance they are placing on disaster risk financing as key to advancing their sustainable development prospects.

Since its inception in 2007, the CCRIF has made 41 payouts totalling US$152 million to 13 of its 22 member governments on their tropical cyclone, earthquake and/or excess rainfall policies – all within 14 days of the event.