CCRIF to Pay Panama US$17.4 Million After Magnitude 7.7 Earthquake Triggers Parametric Cover
CCRIF SPC, the Caribbean and Central American parametric risk pool, announced on October 16 that it will pay US$17.4 million to the government of Panama after the magnitude 7.7 earthquake of October 9 triggered the country's parametric earthquake policy. In line with its rapid-disbursement mandate, the payout will be made within 14 days of the event. The quake struck at 12:56 p.m. local time, with its epicentre near Pitaloza Arriba on the Azuero Peninsula, damaging homes, schools, hospitals, public buildings and roads across several provinces.
Using its SPHERA earthquake model, CCRIF estimated peak ground acceleration of up to 0.5 g in Panama, the only member country above its 0.03 g reporting threshold, and modelled government losses exceeded the policy's attachment point. Panama's cover was purchased through the Fondo de Ahorro de Panamá. Chief Executive Isaac Anthony said the payout would give the government immediate liquidity to support its response.
A UN humanitarian update on October 16, citing Panama's civil protection system SINAPROC, reported the first death from the quake, a hospitalised person who died of injuries, and 13,623 people affected. A week after the quake, 3,696 people remained in shelters, more than 4,000 homes were damaged and 879 destroyed, with 619 education centres and 67 health centres also damaged. Panama has received three previous CCRIF payouts totalling about US$29 million, for excess rainfall in 2020 and 2024; the new payment brings its cumulative total to roughly US$47 million.
Source: GSM · USA (original Chinese edition)
Photo: 图：贝拉瓜斯省首府圣地亚哥-德贝拉瓜斯的主教座堂，该省是此次强震受灾最重的省份之一。图片来源：Apollo18，公共领域。Photo: The cathedral of Santiago de Veraguas, capital of Veraguas, one of the provinces hardest hit by the earthquake. Image: Apollo18, Public domain.
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