The insurance programme – covering droughts and tropical cyclones – will support mostly women farmers and their families
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- News
- July 22, 2024
Beryl payouts aid Tobago, Grenada, Saint Vincent, and Trinidad
The Natural Disaster Fund (NDF), managed by Global Parametrics (a CelsiusPro Group company), has provided risk capacity to support the renewal of a multi-peril, multi-layer programme of CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility).
Hurricane Beryl caused widespread damage across the Caribbean. Within weeks, the NDF released payouts exceeding USD 1.98 million to support businesses and communities in Tobago, Grenada, Saint Vincent, and Trinidad.
The renewal timely secured lines of reinsurance capacity for parametric risk transfer against earthquake, hurricane, excess rainfall, and public utilities catastrophe coverage that Central America and Caribbean governments members of CCRIF SPC purchase for the 2024 annual placement.
The NDF, a public-private partnership funded by UK and German entities, aims to foster climate and NatCat resilience for poor and vulnerable communities, sharing risks with Hannover Re.
The NDF has supported the CCRIF SPC program since 2021, renewing its participation annually. CCRIF SPC is the world’s first regional fund using parametric insurance to provide short-term liquidity to Caribbean and Central American governments when a parametric insurance policy is triggered.
Visit the NDF website.
- News
- July 15, 2024
Swift response to the effects of hurricane Beryl in Grenada
The Natural Disaster Fund (NDF), managed by Global Parametrics (a company of the CelsiusPro Group), has provided risk capacity to Corp-EFF Insurance Company Limited to distribute the Flexible Hurricane Protection product, which offers protection against hurricanes in Dominica and Grenada.
The product has been structured by Global Parametrics as a hurricane windspeed cat-in-a-polygon. Policies are sold by Corp-EFF to households, small businesses, smallholder farmers (mainly nutmeg and cacao farmers), fisherfolk, and other micro- and meso-level risk holders.
In the aftermath of hurricane Beryl’s path across the Caribbean, the NDF has swiftly released payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada, in particular nutmeg and cocoa small producers affected when Beryl hit Grenada as a Category 4 hurricane.
The NDF is a public-private partnership funded by UK and German governmental entities. Its mandate is to provide risk capacity for parametric solutions that foster climate and NatCat resilience for poor and vulnerable communities. The NDF shares risks with Hannover Re.
Corp-EFF Insurance, a subsidiary of Corporate Enterprise Finance Facility Ltd (Corp-EFF), is dedicated to offering insurance solutions tailored to Credit Unions within the Organisation of Eastern Caribbean States (OECS).