Caribbean earthquake could prompt CCRIF coverage assessment

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A powerful magnitude 7.7 earthquake struck the Caribbean yesterday in the afternoon local time, swaying buildings as far away as Miami, Florida and causing some localised damage to countries including the Cayman Islands, Jamaica and Cuba.

There have been no immediate reports of casualties and damage in the region appears relatively light.

However, the quake could result in an assessment of the parametric catastrophe insurance policies provided by the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) and perhaps its reinsurance coverage, as its modelled loss trigger calculation process may be required to run, given the severity of the earthquake event.

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