The Caribbean Catastrophe Risk Insurance Facility, of which Bermuda is a member, paid out more than $122 million during the 2024/25 policy year, its most impactful year since inception, as Hurricane Beryl triggered the largest single-event payout in the pool’s history.

CCRIF said 14 payouts were made to ten member governments across the Caribbean and Central America. Hurricane Beryl alone accounted for more than $85 million, including a record $44 million payment to Grenada. The facility said payouts are designed to be made within 14 days of a triggering event. This ensures governments can access quick cash and respond more rapidly to disasters.

Bermuda, as a CCRIF member, participates in the regional risk pool, which provides parametric insurance coverage triggered by metrics like wind speed or rainfall rather than assessed losses after the fact.

“This year’s payouts, spanning 14 events and over $122 million, demonstrate the power of parametric insurance to deliver rapid, reliable support and resources when it matters most,” said Isaac Anthony, chief executive of CCRIF. “From Central America to the Caribbean, CCRIF continues to help governments protect lives, stabilise economies and respond to climate-driven disasters with speed and purpose. We are proud to stand with our members as they build resilience in an increasingly uncertain world.”

The policy year began with a $6.4 million rainfall payout to Guatemala in June 2024. Following Hurricane Beryl, Grenada received $44 million and Jamaica $26.6 million, with additional payments made to St Vincent and the Grenadines, and Trinidad and Tobago, as well as utilities and a government-owned tourist attraction in the Cayman Islands.

The annual report also pointed to strong financial metrics, including a probability of default below 0.1 per cent and a net investment return of 5.58 per cent during the year. CCRIF expanded its staffing from eight to 15 full-time employees and continued to broaden sector coverage, including utilities and fisheries, as climate-related risks threaten the region.

In October 2025, CCRIF topped its own record by paying out $91.9 million to Jamaica following Hurricane Melissa, which was not included in the report for this policy year.