Grenada renews CCRIF SPC parametric insurance policies for 25/26

The Government of Grenada has confirmed the renewal of the country’s annual parametric insurance coverage with the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) for 2025/2026, for a total cost of roughly USD 1.828 million, plus applicable fees.

This renewal ensures the Caribbean country remains protected under the facility’s parametric policies for tropical cyclone, earthquake, excess rainfall, and coastal hazards.

Last year, following the impacts of Hurricane Beryl, Grenada received payouts totalling roughly USD 44 million as the storm triggered the tropical cyclone, excess rainfall, and coastal hazards parametric insurance policies.

This figure actually increased to USD 55.6 million after payouts were made to the Grenada Electricity Services Limited and the National Water and Sewerage Authority under their policies.

“The funds were used for recovery efforts, including immediate repairs to public infrastructure, schools, hospitals, and homes, as well as for the distribution of essential supplies such as food, water, and medicine,” states the Government of Grenada’s Ministry of Finance. “The payout significantly supported recovery efforts in Carriacou, Petite Martinique, and northern Grenada, where over 90% of buildings were damaged.”

The CCRIF SPC provides member countries with valuable parametric insurance coverage for a range of natural hazards, ensuring rapid payout post event, which is vital for vulnerable countries as they look to rebuild in the aftermath of an event.

As we reported late last year, the CCRIF SPC issued a total USD 85 million to governments and non-sovereign policyholders in the Caribbean impacted by Hurricane Beryl, the largest payout in the organisation’s history.

“This strategic investment reflects our unwavering commitment to building resilience, ensuring fiscal responsibility, and safeguarding the lives and livelihoods of our citizens. As climate change intensifies, natural disasters will continue to affect Grenada, prompting the country to take proactive steps to prepare and protect its people, resources and the economy.

“The Government of Grenada expresses its gratitude to CCRIF SPC for its ongoing partnership and remains steadfast in its mission to enhance national resilience and reduce vulnerability to natural hazards,” said the Ministry of Finance.

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