St. Maarten buys parametric insurance against catastrophes

9/10/2018 5:44:00 AM

Source: Business Insurance

St. Maarten has purchased parametric insurance to protect against tropical cyclones, earthquakes and excess rainfall from Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Co., reports. St. Maarten’s government said that hurricane Irma is expected to have caused nearly $2 billion in economic losses on the island in September 2017