Member governments in the Caribbean have renewed their parametric insurance coverage for this Atlantic Hurricane Season, ceding over US$1 billion in risk to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and increasing overall coverage by eight per cent.
The insurance covers tropical cyclone, excess rainfall, earthquake and fisheries.
In the meantime, the European Union under its Global COVID-19 Response, has provided a grant of US$11 million to CCRIF for premium support or for increasing coverage for its Caribbean members.
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