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RENEWAL FOR PARAMETRIC INSURANCE FOR CARIBBEAN COUNTRIES

Person Working Remotely in the Caribbean


August 4, 2022 | By Colin O. Jarrett |

Caribbean countries have renewed their parametric insurance coverage for 1.2 billion US$ for the policy year 2022/23 which began June 1.

The Caribbean Catastrophe Risk Insurance Facility which made the announcement on Friday, said this is an increase of 10% over the previous year.  Thirteen governments increased their coverage.

The insurance covers tropical cyclones, excess rainfall and earthquakes and the fisheries sector.  Since its inception, the facility has made 54 payouts to 16 of its member governments totaling approximately 245 million US$.

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