Upcoming 20201 Atlantic Hurricane Season that will pose many problems like tropical cyclones, excess rainfall, earthquakes. On Monday, CCRIF SPC also said that its member countries have insurance.
Continuously for 2 years, CCRIF has been given the responsibility to handle the risk for US$1 billion by all members. ANGLEC, the first non-governmental member who will provide facilities it will be focused only on renewing and increasing the coverage. ANGLEC joined CCRIF in 2020, buying the latest product that gives coverage for electric transmission and delivery systems.
16 Caribbean countries have been accompanied by the CIF during 2017 when the operation was just at its new days. Then the process was started just with less than US$500 million to cover the tropical cyclones and earthquakes. Now 14 years later, CCRIF has 23 member governments with it, and it provides 5 parametric insurance products to them.
The members of CCRIF have been continuously engaging with the economic challenges due to the pandemic of COVID-19. After being known of the upcoming disastrous effects of the natural disaster that is said to be slower than the normal and will last till 2024 as an estimate.
CCRIF’s CEO, Isaac Anthony, talking about the renewals, said that CCRIF had been continuously offering insurance products not easily available in traditional insurance markets. Those parametric insurance products enable governments to have access to liquidity within 14 days of an event. That has been key as it helps governments decrease budget volatility after a natural disaster, support the most vulnerable in the population and start the process of recovery in short order.
CCRIF was formed because of the first multi-country risk pool within the world and was the first insurance instrument to successfully develop parametric insurance policies for natural catastrophes. The power may be a case in point of an efficient disaster risk financing instrument and one among a set of such instruments available to governments to assist in post-disaster recovery and to help close the protection gap.
