CCRIF paid the Government of Guatemala approximately US$3.6 million under its excess rainfall (XSR) parametric insurance policy for nine days of rain that occurred during Tropical Storms Amanda and Cristobal. The policy was triggered by rains that started on May 31.
Amanda, which originated in the Pacific Ocean, initially made landfall on Guatemala’s Pacific coast on May 31, causing flooding and landslides.
This tropical storm dissipated but the remnants reorganized to become Tropical Storm Cristobal, the third storm in the Atlantic Basin, on June 1 – a rare cross-over tropical cyclone with origins in the Pacific Basin. Amanda and Cristobal led to over a week of devastating rainfall across parts of Central America.
Guatemala became a member of CCRIF in 2019 and is receiving a payout within its first year of joining the Facility.
This payment is being made under Guatemala’s policy for 2019/20. The new policy year started on June 1, 2020, for which Guatemala has renewed its excess rainfall coverage.
