CCRIF Pays Panama $17.4 Million Following Earthquake
1 report, 1 independent
Updated Oct 17
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What happened
The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company announced a US $17.4 million payout to Panama following the October 9 earthquake. This payment was triggered automatically because the natural hazard met predefined physical criteria, a mechanism known as parametric disaster insurance. The funds are intended to catalyze emergency infrastructure repairs and public response.
From newsroompanama.com
Why it matters
The payout provides rapid liquidity to the Government of Panama to secure immediate disaster relief. This parametric insurance model allows governments to receive funds quickly, without waiting for a traditional damage assessment.
From newsroompanama.com
Who's involved
- Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio CompanyProvided the disaster financing to Panama through a multi-country risk pool.
- PanamaThe sovereign state that received the $17.4 million payout for disaster relief.
- Ministry of Economy and FinanceConfirmed that the disaster relief funds are part of the national response.
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The entities involved
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Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company
Nothing else this week.
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Panama
sovereign state in Central America