The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has announced that the Government of Panama has joined the Facility and purchased parametric insurance cover for excess rainfall.
Panama joined the Facility as a late entrant this policy year which began on June 1, 2018.
CCRIF's membership now stands at 21 countries – 19 Caribbean governments, including Jamaica, and two Central American governments.
CCRIF is a segregated portfolio company, owned, operated and registered in the Caribbean.
It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.