CCRIF Financially Stronger For This Year’s Atlantic Hurricane Season
GEORGE TOWN, Cayman Islands – The Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility (CCRIF) says it entered the 2026 Atlantic Hurricane Season stronger than ever with the total coverage in force rising from US$1.44 billion to US$1.8 billion.
(CARICOM Photo)According to the CCRIF, the world’s first multi-country, multi-peril risk pool based on parametric insurance and the leading provider of parametric insurance for Caribbean and Central American governments, as well as electric utility companies and water utilities, its membership has also grown from 35 to 39 members.
“Behind those numbers is a clear story: more governments and utilities across the region are choosing pre-arranged, rules-based financial protection, and choosing it in greater depth. As Hurricanes Ivan, Maria and Melissa each showed, it only takes one storm to change a country’s trajectory and members are acting now, with foresight,” CCRIF said in its September edition of its monthly newsletter, Communication Connections .
It said that total coverage in force has grown from US$1.44 billion in the 2025/26 policy year to US$1.8 billion this policy year, an increase of 25 per cent, with gains across both the Caribbean and Central America portfolios, reflecting expanding protection across sovereigns, water and electric utilities and fisheries.
“More coverage means a larger, more diversified risk pool, which strengthens CCRIF’s financial resilience and its capacity to absorb large, single-country events without compromising its promise to every other member.”
CCRIF said that since 2007, it has made 82 payouts totalling US$483 million with each payment being made within 14 days of the disaster.
“This growth strengthens CCRIF’s position as the world’s leading development insurer, delivering fast, rules based liquidity within 14 days and safeguarding members’ development gains when disasters strike,” said CCRIF, which was formed in 2007 as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered..
CCRIF said that its membership has expanded from 35 to 39, and that notably all four are utilities namely the Jamaica Public Service Company (JPS), the National Water Commission, Jamaica (NWC) ; the Nevis Electricity Company Limited and the Nevis Water Department.
“These additions reflect a growing recognition among utilities, not just governments, that pre-arranged financing is essential to financial stability,” said CCRIF’s chief executive officer, Isaac Anthony.
“Hurricane Melissa, which caused losses equivalent to more than half of Jamaica’s GDP, laid bare how a single storm can knock out the essential services that communities and economies depend on. By taking up parametric coverage, these utilities can restore power and water faster after disaster strikes.”
CCRIF said it has also welcomed the decision of the governments of Jamaica and Antigua and Barbuda to purchase the COAST for fisheries product.
CCRIF describes COAST as its parametric solution for the fisheries sector bringing the number of Caribbean countries with COAST fisheries insurance to eight, up from six in 2025/26.
It said Jamaica’s decision follows the severe impacts of Hurricane Melissa, which caused US$35 million in fisheries losses, destruction of over 3,200 vessels as well as damage to gear sheds, processing facilities, and aquaculture operations.
