Hurricane insurance is expensive, and so Caricom, the grouping of Caribbean nations, has collective insurance for the islands as one of its highest priorities.
But there’s another problem with hurricane insurance: calculating losses can take months, and money for rebuilding often doesn’t arrive until the year after the hurricane hits. But emergency funds are most desperately needed in the weeks and months immediately after the disaster.
Parametric
Hence the Caribbean Catastrophe Risk Insurance Facility (CCRIF). It’s parametric, which means that the payout is linked not to damages but simply to a list of parameters, chief among them wind speed.
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