Honduras has become the fourth Central American country to sign up to the Caribbean Catastrophe Risk Insurance Facility (CCRIF), which was setup to provide quick liquidity to governments in the event of catastrophic hurricanes, earthquakes, and excess rainfall.
The government of Honduras purchased parametric insurance coverage for excess rainfall, effective June 1, 2023.
Nicaragua was the first Central American country to join the Facility.
The other members are Panama and Guatemala.
CCRIF membership now stands at 26; with 19 Caribbean governments, 4 Central American governments, and 3 Caribbean electric utility companies.
Since its inception, the insurance has paid out over US$261.8 million to 16 member governments.