Swift response to the effects of hurricane Beryl in Grenada

The Natural Disaster Fund (NDF), managed by the Global Parametrics team (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).

Visit the NDF website.