27 June 2018Analysis

British Virgin Islands and Montserrat join Caribbean risk pool

The British Virgin Islands and Montserrat are the latest countries to join the Caribbean Catastrophe Risk Insurance Facility (CCRIF), bringing its total membership to 19 - 18 Caribbean governments and one Central American government.

Both governments have purchased coverage for the 2018/19 policy year beginning June 1.

They have both obtained tropical cyclone and excess rainfall policies and the Government of the Virgin Islands also purchased cover against earthquakes.

"The addition of these two countries to the risk pool is consistent with our current strategic direction which is geared towards scaling up the facility by adding new members, increasing products we offer and also encouraging members to increase coverage levels," said CCRIF CEO Isaac Anthony.

Since its inception in 2007, CCRIF has made pay-outs totalling $130.5 million to 13 member government. This includes $83.6 million for Hurricanes Matthew, Irma and Maria.