The Caribbean Catastrophe Risk Insurance Facility says water utilities in the Caribbean will now be able to access parametric insurance coverage to financially protect them against extreme weather events such as hurricanes, tropical storms, and excess rainfall.
It said the Caribbean Water Utility Insurance Collective has been established as a segregated portfolio within CCRIF.
CCRIF is the world's first multi-country, multi-peril risk pool that provides parametric insurance and offers products to 19 Caribbean governments, four Central American governments, and three Caribbean electric utilities.
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