Earthquake triggers US$17.4 million CCRIF payout to Panama

GRAND CAYMAN, Cayman Islands (CMC)–The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) will pay the Government of Panama US$17.4 million following the magnitude 7.7 earthquake that struck the country on October 9, providing funds to support its disaster response within 14 days of the event.

The Caribbean Catastrophe Risk Insurance Facility said its SPHERA earthquake model estimated peak ground acceleration of up to 0.5 g in Panama, the only CCRIF member country to experience shaking above the model’s reporting threshold of 0.03 g.

The modelled government losses exceeded the attachment point of Panama’s earthquake insurance policy, triggering the payout.