The Caribbean Catastrophe Risk Insurance Facility made it's first payout

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) made its first ever payout for hurricane damage to the government of the Turks and Caicos Islands, three weeks after the country was devastated by Hurricane Ike. The payout was the full claim due to the government on its 2008 hurricane policy issued by the CCRIF.

The CCRIF is the first multi-country risk pool in the world, and is also the first insurance instrument to successfully develop a parametric policy backed by both traditional and capital markets. It is a regional insurance fund for Caribbean governments designed to limit the financial impact of catastrophic hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.

The CCRIF paid out $1 million to Dominica and St. Lucia after the November 2007 earthquake.