Grand Cayman, Cayman Islands, August 18, 2021. CCRIF SPC will make a payout of
approximately US$40 million to the Government of Haiti following the devastating magnitude 7.2
earthquake that struck Haiti on August 14th, 2021, significantly impacting the city of Les Cayes.
This payout represents the full coverage limit under the country’s parametric insurance policy for
earthquakes for the 2021/22 policy year. As CCRIF’s insurance policies are parametric, payouts
are made within 14 days of an event. To begin to support the people of Haiti as quickly as possible,
CCRIF will provide a first tranche of US$15 million to the Government within one week of the
event and the remaining amount of approximately US$25 million within the 14–day window, to
allow for the independent verification of the model results. CCRIF will continue to provide
earthquake coverage to Haiti for the remainder of the policy year which ends on May 31, 2022,
under a special feature of the earthquake policy known as the Reinstatement of Sum Insured Cover
(RSIC). The RSIC, introduced by CCRIF in 2017, provides access to coverage after the maximum
coverage limit of a country’s earthquake or tropical cyclone coverage limit has been reached.