The Caribbean Catastrophe Risk Insurance Facility said it paid out US$26.7 million to the government of Panama after the country had been affected by weather situations between October 31 and November 4.
CCRIF said this had resulted in landslides, flooding, fallen trees, the collapse of some bridges, and loss of crops in some areas.
It said an estimated 1,500 people were negatively affected, and 11 persons had lost their lives due to the heavy rains.
Director at the Directorate of Investments, Concessions, and State Risks, Francisco Álvarez, said the CCRIF coverage is part of the national strategy to protect the country against natural disasters.
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