Catastrophe Risks

CCRIF SPC and CEPREDENAC, Central America's regional risk management agency, have entered into a memorandum of understanding (MOU) intended to facilitate the sharing of knowledge and best practices around addressing natural disasters. CCRIF has MOUs with 14 organizations in the Caribbean. Read More

Natural catastrophes resulted in $275 billion in economic losses worldwide in 2022, of which $125 billion were covered by insurance, according to a new sigma report from the Swiss Re Institute. At the same time, property-catastrophe (re)insurance rates rose to near 20-year highs at January 2023 renewals. Read More

The notion of "it only takes one" to create a costly catastrophe year for the insurance industry was highlighted once again in 2022 by September's Hurricane Ian, a new report from Moody's RMS notes. With insured losses of up to $74 billion, the storm turned a potentially mild hurricane season into a costly one. Read More

CCRIF SPC held a 2-day technical workshop on parametric insurance and modeling in February for more than 50 attendees, representing 18 CCRIF Caribbean member countries and 2 regional organizations. The event, held in Florida, was intended to deepen attendees’ knowledge and understanding of CCRIF’s parametric insurance models and products. Read More

Economic losses from the magnitude 7.8 and 7.5 earthquakes that struck southern Turkey on February 6, 2023, are likely to exceed $25 billion, with total insured losses likely to top $5 billion, according to catastrophe risk modeling firm Moody's RMS. The loss estimates don't include losses in Syria. Read More