The Bahamas will receive $11 million in post-disaster insurance from a novel 12-year-old regional coverage program.
CCRIF, once short for the Caribbean Catastrophe Risk Insurance Facility, was established in 2007 to provide funds for countries hit by cyclones, earthquakes or extraordinary rainfall. The segregated portfolio company is an example of parametric insurance, designed to make immediate injections of money in the wake of a catastrophe. Funds are deployed within two weeks of a disaster and are based not on after-the-fact damage assessments—which can take months—but on metrics predetermined by a country’s particular risk.
