The sixteen member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIC), including Bermuda, have renewed their hurricane and earthquake insurance for the 2013/14 policy year. The not-for-profit risk pooling facility offered a 25 percent discount on premiums because no payments were made in the previous year.
The facility also added the new excess rainfall product to its portfolio, which covers extreme rainfall events from cyclonic and non-cyclonic systems alike. According to the CCRIF: “Many countries have consistently expressed interest in excess rainfall coverage and, in fact, the new product is of interest to countries which are not yet CCRIF members since they are not vulnerable to hurricanes or earthquakes but have significant extreme rainfall risk.”
The CCRIF said: “In light of the budgetary constraints felt by countries across the region, CCRIF sought again this year to minimise premium costs. [Measures] have led to a reduction in the effective cost of coverage to countries this year by at least 25 percent, but in some cases up to 50 percent.”