#ccrif

[influencermagazineuk]

Jamaica to Receive $16.3 Million for Hurricane Damage

The country is due to be awarded some $16.3 million from the Caribbean Catastrophe Risk Insurance Facility after the passing of Hurricane Beryl. According to Minister of Finance Dr Nigel Clarke, it was in that context very important that the country secured a multi-layered disaster risk financing arrangement to support recovery. The Caribbean Catastrophe Risk Insurance Facility will provide an approximate payout of $16.3 million to Jamaica. This is based on the fact that Hurricane Beryl has fulfilled all conditions of their parametric tropical cyclone insurance policy.This was affirmed by uien Clarke, Minister of Finance of Jamaica, who explained, "I have received the Preliminary Modelled Loss and Policy Payment Report from CCRIF for Tropical Cyclone Beryl." As far as Jamaica is concerned, the report stated that the country's insurance policy with CCRIF had been breached by the hurricane with parameters to trigger the payout sum of about $16.3 million or approximately J$2.5 billion.To this, Dr. Clarke added that the insurance policy with CCRIF is part of a multilayered framework for disaster risk financing in place for Jamaica. It has many benefits in the management and response to natural disasters within the country. In fact, the policy purchased from CCRIF reflects the fourth layer in such a system. Some utilisation of the CCRIF SPC parametric capacity was expected in the wake of Hurricane Beryl, which made landfall last week. This would be especially so for the Windward Islands in the Caribbean, which report severe impacts from the storm. Jamaica has also been among the entities expected to receive payouts.As readers may recall, there is a $150 million cat bond with IBRD. But it is understood this was not triggered following Hurricane Beryl's close passage to the island. Jamaica has a number of disaster risk contingent financing arrangements, some of which, as Dr. Clarke explained previously, were expected to release funds.Dr. Clarke himself has been very explicit in describing the country's disaster risk financing arrangements in the aftermath of Hurricane Beryl, especially referring to a layered approach where he has recognized at the topmost level that the catastrophe bond caters to extreme events, and the second layer represented by CCRIF SPC parametric insurance provides further protection. Yet another payout is to be made, clearly realizing the benefits that CCRIF SPC can bring forth with its parametric insurance coverage. It will help restore Jamaica from damages induced by Hurricane Beryl and act as a very good example of why countries need to have a fully packaged disaster risk financing system.The case of Jamaica serves as a very good example of how to manage disaster risk among countries prone to natural disasters. A number of insurance and financing options stacked together help take better care of the financial impacts caused by such events in Jamaica. This would ensure that, compared to others, its recovery would be quicker and with less economic disruption. Read the full article

[scholarshipja]

Opportunity: CCRIF-UWI Undergraduate Scholarships 2022 4 Undergraduate scholarships per year to students entering their 2nd of 3 years, tenable at The University of the West Indies through the #CCRIF-UWI Scholarship Programme. Details available at mof.gov.jm/wp-content/uploads/CCRIF-UWI-Scholarships-2022.pdf Via @mofjamaica @ccrif_spc on #twitter. #uwischolarships #scholarshipjamaica #jamaicascholarships #arudyinjamaica #studyabroad #uwiccrifscholarships #graduatescholarships #2022scholarships #poatgradscholarships #insurancescholqrahips #disastermanagementscholarships #caribbeanscholarships (at ScholarshipJamaica.com) https://www.instagram.com/p/Cc5g8jaOJQP/?igshid=NGJjMDIxMWI=

[juno7haiti]

Avec les 264 millions du FMI et de la CCRIF, la BRH et le MEF pensent au relèvement du Grand Sud

Avec les 264 millions du FMI (@IMFNews) et de la @CCRIF_pr, la @BRHhaiti et le @MEFHAITI pensent au relèvement du Grand Sud

Avec les 264 millions du FMI et de la CCRIF, la BRH et le MEF pensent au relèvement du Grand Sud sévèrement touché par le séisme du 14 août. Port-au-Prince , Haïti .- Le Ministre de l’Economie et des Finances, Michel Patrick Boisvert de concert avec Jean Baden Dubois, gouverneur de la Banque de la République d’Haïti ont présenté, en conférence de presse ce lundi 30 août, les détails utiles à la…

[reinsurancecapital]

Failure to renew CCRIF policies cost The Bahamas $32 million post-Matthew

Failure to renew CCRIF policies cost The Bahamas $32 million post-Matthew

The Progressive Liberal Party administration, the former government of The Bahamas, cost the country around $32 million in insurance payouts from Hurricane Matthew as it failed to renew its CCRIF SPC policies for 2016/2017, according to Prime Minister, Dr. Hubert Minnis. (more…)

[questlation]

CNA beats forecast as it swings to underwriting profit

CNA beats forecast as it swings to underwriting profit

US group hails impact of ‘extensive reunderwriting’ as quarterly combined ratio improves 4.2 points to 95.8%       Related Stories Insured loss from Marshall fire in Colorado pegged at $2bn CCRIF makes $15.2m in payments for Julia and Fiona CinFin beats despite catastrophe losses   Source link

[izatrini]

CCRIF makes US$2.5 million payout to Trinidad and Tobago after October rains http://dlvr.it/QqHZx7

[yelemagazineme]

Tempête Laura: La CCRIF a versé une prime d’assurance de 7,45 millions US au gouvernement haïtien Tempête Laura: La CCRIF ( Catastrophe Caribbean Risk Insurance Facility) a versé une prime d’assurance de 7,45 millions US au gouvernement haïtien…

[georgiosaktipis]

Μπόχαλη Ζακύνθου ♥️😀👍 (στην τοποθεσία Zante, Zakinthos, Greece) https://www.instagram.com/p/CCRIF-0AJT3/?igshid=xmim6p3b9g9l

[edufinonline]

Uraganul Dorian a activat asigurarea parametrica incheiata de Bahamas la CCRIF, polita in valoare de 11 milioane de dolari CCRIF (the Carribean Catastrophe Risk Insurance Facility) va directiona catre Bahamas 11 milioane de dolari, urmare a impactului uraganului Dorian, care a lovit regiunea cu puterea unui uragan de categoria 5, aducand rafale de vant de pana la 240 km/h si provocand pagube uriase. CCRIF confirma astfel ca a fost activata polita parametrica impotriva riscului de ciclon tropical, incheiata pentru zona de nord-vest.

[ericfruits]

The Caribbean’s pioneering form of disaster insurance

ON SEPTEMBER 12th, before it could reckon how much damage Hurricane Irma had caused, Turks and Caicos got some heartening news. Within a fortnight the tiny Caribbean territory would get $13.6m to pay for disaster relief. Days earlier, Antigua and Barbuda, St Kitts and Nevis and Anguilla were pledged $15.6m. The sum, a substantial 1% of their combined GDP, won’t come from foreign do-gooders. It is a reward for home-grown prudence.

Like 13 other members of the Caribbean Community (Caricom) and Nicaragua, the four had been paying into the Caribbean Catastrophe Risk Insurance Facility (CCRIF). Created in 2007, it has so far doled out $69m to places battered by storms, floods and earthquakes. Unused funds are retained as reserves. Besides its own resources, CCRIF can draw on around $140m underwritten annually by reinsurers.

Spreading risk across Caricom and beyond—CCRIF is open to associate members such as Anguilla and, since 2015, to Central American...

http://ift.tt/2f8iFv5

[livingwellpage]

Pandemic Bonds

The World Bank is trying to insure against one of the worst crises in the world: a pandemic.  The Economist reports that the World Bank:

…has issued $425m in pandemic bonds to support its new Pandemic Emergency Financing Facility (PEF), which is intended to channel funding to countries facing a deadly disease.  The bonds cover six viruses likely to spark outbreaks: new influenza viruses, coronaviruses (like SARS and MERS), filoviruses (like Ebola), Lassa fever, Rift Valley fever and Crimean Congo fever. Investors forgo their principal when a virus reaches a predetermined contagion level, based on rate of growth, number of deaths and whether it crosses international borders. The facility covers 77 of the world’s poorest countries.

The World Bank FAQ are here.  These FAQ’s provide some interesting precedents in the world of catastrophe bonds.

One example is the Caribbean Catastrophe Risk Insurance Facility (CCRIF), designed to provide participating countries with access to affordable and effective coverage against natural disasters. Another example is the Pacific Catastrophic Risk Facility (PCRAFI), a risk insurance pool of five small Pacific islands that was also incubated by the Bank. A third example is the Turkish Catastrophe Insurance Pool (TCIP), a mandatory scheme for homeowners’ earthquake insurance, which was backed by WBG financing at inception.

This is a interesting proposal to help developing countries secure funding in the case a pandemic occurs.  However, if the World Bank invests these funds, one may wonder whether financial markets would crash in the case of a large scale pandemic resulting in an insolvent fund.  Let’s hope that does not happen, but I am curious what precautions were taken to avoid this scenarios.

Pandemic Bonds published first on your-t1-blog-url

[hitekboxing]

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A post shared by Hi-Tek Boxing | Hawaii Boxing | Mobile Boxing (@hitekboxing)

Working on improving my hand speed by practicing my uppercuts. #hitekboxing #hitekfitness #hawaiiboxing #hawaiifitness https://www.instagram.com/p/CCrif-rBBxw/?igshid=zmms9niprvne

[scholarshipja]

Opportunity: #CCRIF SPC #Postgraduate Scholarship Programme 2022 Up to eight #scholarships for students pursuing a Masters or an MBA programme in a number of pre-identified areas related to disaster risk management. Details available at mof.gov.jm/wp-content/uploads/CCRIF-Scholarships-2022.pdf #graduatescholarships #studyinjamaica #studyabroad #ccrifscholarships #fullscholarships #caribbeanscholarships #jamaicascholarships #studyinUK #studyinUSA #studyinCanada (at ScholarshipJamaica.com) https://www.instagram.com/p/Cc5UIWdONge/?igshid=NGJjMDIxMWI=

[juno7haiti]

Tempête Laura: La CCRIF a versé une prime d'assurance de 7,45 millions US au gouvernement haïtien

Tempête Laura: La @CCRIF_pr a versé une prime d'assurance de 7,45 millions US au gouvernement haïtien.- #Juno7

Tempête Laura: La CCRIF ( Catastrophe Caribbean Risk Insurance Facility) a versé une prime d’assurance de 7,45 millions US au gouvernement haïtien

Dans un communiqué en date du 8 septembre 2020, le CCRIF SPC annonce avoir versé environ 7,2 millions de dollars américains au gouvernement d’Haïti titre de sa police d’assurance paramétrique sur les précipitations excessives (XSR) après trois jours de…

[reinsurancecapital]

Jamaica questions CCRIF model after floods fail to trigger policy

Jamaica questions CCRIF model after floods fail to trigger policy

There are questions being asked in Jamaica about the risk model that underpins the regional catastrophe insurance policies issued by the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), after torrential rainfall and resulting flooding in May failed to trigger the countries parametric coverage. (more…)

[questlation]

Insured loss from Marshall fire in Colorado pegged at $2bn

Insured loss from Marshall fire in Colorado pegged at $2bn

Fire is costliest in state history and the 10th costliest ever in the US       Related Stories CCRIF makes $15.2m in payments for Julia and Fiona CinFin beats despite catastrophe losses CNA beats forecast as it swings to underwriting profit   Source link