Finance Minister Meets With Cayman-Based Regional Parametric Insurer
Left to Right: Mr. Isaac Anthony, CCRIF Chief Executive Officer; Mr. Michael Gayle, CCRIF Board Member; Mrs. Saundra Bailey, CCRIF Board Vice Chairperson; Hon. Rolston Anglin, Minister for Finance & Economic Development; Mr. Timothy Antoine, CCRIF Board Chairman; Mr. Kenneth Jefferson, Financial Secretary; Mr. Michael Nixon, Senior Assistant Financial Secretary.
Minister for Finance and Economic Development Hon. Rolston Anglin and members of his senior management team met earlier this month with representatives from the board of CCRIF SPC – formerly known as the Caribbean Catastrophe Risk Insurance Facility.
CCRIF SPC, which is the Caribbean and Central America's parametric insurance facility and development insurer, conducted its quarterly board meetings in the Cayman Islands from 8-9 April and representatives took the opportunity to meet with Minister Anglin in person for the first time since he was appointed as Minister for Finance and Economic Development following the April 2025 General Elections.
The CCRIF representatives meeting with Minister Anglin included Board Chairman Timothy Antoine, Vice Chairperson Saundra Bailey, Chief Executive Officer Isaac Anthony, and Board Member Michael Gayle – who is also the CEO of the Cayman Islands National Insurance Company (CINICO).
The introductory meeting also allowed CCRIF and Ministry officials to review the Cayman Islands' parametric insurance policies, provide CCRIF updates, and discuss issues of interest to the Cayman Islands Government.
CCRIF SPC is a segregated portfolio company and operates as a captive insurance company that is domiciled in the Cayman Islands and regulated by the Cayman Islands Monetary Authority.
The Cayman Islands has been a CCRIF member since its inception in 2007, purchasing coverage every year. The Cayman Islands purchases CCRIF parametric insurance policies for tropical cyclones and earthquakes.
Additionally, the Government-owned Cayman Turtle Conservation and Education Centre (CTCEC) has been a CCRIF member since 2024. It is the first tourist attraction to join CCRIF and received a pay-out of US$119,474 following Hurricane Beryl in 2024.
CCRIF SPC is the world’s first multi-country, multi-peril risk pool based on parametric insurance and the leading provider of parametric insurance for Caribbean and Central American governments, as well as electric utility companies and water utilities.
CCRIF offers parametric insurance for tropical cyclones, excess rainfall, runoff (fluvial flooding), earthquakes, and the fisheries and electric and water utilities sectors – insurance products not readily available in traditional insurance markets.
CCRIF SPC limits the financial impact of catastrophic hurricanes, earthquakes, and excess rainfall events to Caribbean and Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.
Parametric insurance is a type of coverage that pays out a fixed amount quickly when a specific event happens—like a hurricane reaching a certain wind speed or an earthquake hitting a certain magnitude—rather than waiting to assess actual damage.
Parametric insurance offers several practical advantages, especially for governments and organisations exposed to natural disasters, including speed of pay-out; certainty and transparency; improved cash flow after disasters; reduced administrative burden; and coverage for hard-to-insure risks.
Minister Anglin said, “CCRIF SPC remains an important partner in strengthening the Cayman Islands’ resilience to natural disasters. Parametric insurance provides rapid liquidity when it is needed most, supporting Government’s ability to respond quickly and effectively following catastrophic events. The Cayman Islands Government remains committed to proactive risk management, which includes safeguarding our economy, protecting critical infrastructure, and ensuring continuity of essential services.”
He continued, “I was pleased to have met with Chairman Timothy Antoine, CEO Isaac Anthony, and members of the CCRIF Board to discuss our ongoing partnership and areas of shared interest. Our continued engagement with CCRIF reflects the Government’s commitment to managing the impact of natural disasters to protect our people and economy.”
