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On September 18, 2017, Hurricane Maria hit Dominica, bringing intense rainfall which caused flashfloods and landslides. Hurricane Maria was one of the most rapidly intensifying storms in recent history, intensifying to a category 5 hurricane. The impacts of Hurricane Maria were severe for both the country’s economy as well as the human development of…
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This paper explains the excess rainfall parametric insurance product of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and Swiss Re Excess Rainfall (XSR), which helps to mitigate the short-term cash flow problems small developing economies suffer after major natural disasters. The product is aimed primarily at extreme high rainfall events of…

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