The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced Tuesday that all member countries renewed coverage for the policy year and that participating governments will receive a rebate that could be used to purchase the group’s newly created excess rainfall product.
All 16 CCRIF members renewed for the 2012-2013 policy year, which began on June 1, according to the statement. No CCRIF policies were triggered during the 2011-2012 season, the statement added.
Participating local governments will also receive a “rebate” equal to 25% of the premiums paid in the previous policy year, according to the statement.
“[This] initiative provides a tangible benefit to CCRIF’s members if payouts during the prior year result in a significant underwriting profit, while fully maintaining CCRIF’s sound financial position and its unparalleled ability to pay the claims of its members,” said Isaac Anthony, permanent secretary in Saint Lucia’s Ministry of Finance, Economic Affairs and National Development and a CCRIF Board Member
The CCRIF statement added that “it encouraged member governments to use these savings either to purchase additional coverage,” explaining that the group will begin offering an excess rainfall policy this year.
The rainfall policy will cover “extreme rainfall events” which are not included in CCRIF hurricane policies that are limited to wind and storm surge perils.
The CCRIF was created in 2007 as a multi-country risk pool for the region and its a registered mutual provider in the Caymans. The pool has made eight payouts (three earthquake and five hurricane policies) to seven countries totaling $32,179,470.
CCRIF member countries include Anguilla, Antigua & Barbuda, Bahamas, Barbados Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and Turks & Caicos Islands.
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