Caribbean Catastrophe Risk Insurance Facility (CCRIF)
From September 2018, the Government of Sint Maarten became a member of the Caribbean Catastrophe Risk Insurance Facility (CCRIF). This insurance is for damages resulting from earthquakes, tropical cyclones, and excess rainfall.
Sint Maarten’s participation in CCRIF was initially financed (2018-2023) through the Emergency Recovery Project (ERP-1) and has subsequently been paid for through Sint Maarten’s annual budget. CCRIF is the first multi-country risk pool in the world. CCRIF provides parametric insurance which is a type of insurance that does not cover actual damage, but instead pays out if a particular event happens. This means a payout is automatically triggered based on specific standards, like the strength of a hurricane, rather than the actual damage assessed.
CCRIF pays out within the first two weeks after a disaster helping small countries maintain basic government functions by financing their initial disaster response after a catastrophic event like a hurricane or earthquake.
CCRIF offers 6 parametric insurance products, for:
- Tropical Cyclones
- Earthquakes
- Excess rainfall
- For the Fisheries Sector
- Electric Utilities for Transmission and Distribution
- Water Utilities
Premium 2022: US $1,068,800 (Premium will vary depending on level of coverage and reviewed annually)
| Maximum Payouts: | |
| Tropical Cyclones | US$ 18,457,018 |
| Excessive Rainfall | US$ 3,711,133 |
| Earthquakes | US$ 3,850,558 |