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CCRIF provides first payout of 2024 to the government of Guatemala of US$6.4 million associated with rainfall

Source(s): Caribbean Catastrophe Risk Insurance Facility, the
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CCRIF SPC made a payout on July 1, 2024, of US$6,376,184 to the Government of Guatemala on its excess rainfall policy following heavy rains that occurred during June 13th-19th.

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This payout represents the Government of Guatemala's full payout under its excess rainfall (XSR) policy, meaning that the policy has reached its coverage limit. Due to the increasing frequency, intensity, and unpredictability of climate-related hazards, CCRIF has been developing policy features (or endorsements) to enhance its main parametric insurance policies. One such feature is the Reinstatement of Sum Insured Cover (RSIC), which was introduced by CCRIF for tropical cyclone and earthquake policies as far back as 2017 when the Facility celebrated its 10th anniversary.

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Guatemala will continue to be financially protected against excess rainfall events until the end of the policy year on May 31, 2025, or until the coverage limit of the policy is reached again as a result of one or more rainfall events prior to that date.

CCRIF members recently renewed their insurance policies for the 2024/25 policy year, which began on June 1st. CCRIF CEO, Mr. Isaac Anthony, stated, "For 2024/25, total coverage has increased by 10 per cent compared with last year. This demonstrates our members' commitment to investing in financial protection against natural hazards."

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Hazards Cyclone, Hurricane and Typhoon
Themes Insurance and risk transfer
Country and region Guatemala

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