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CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is seeking a further expansion of its range of parametric insurance products for the region, with utilities such as energy firms and drought coverage both potential avenues it is exploring.

Speaking at a conference in the Caribbean last week, CCRIF Chief Executive Isaac Anthony explained that CCRIF wants to expand the range of available parametric insurance products to provide coverage to underserved markets.

The steady expansion of the CCRIF risk pool means a requirement for increasing amounts of reinsurance capacity to underpin the risks it assumes, with the insurance-linked securities (ILS) market just one avenue CCRIF can tap for its own protection.

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