PURRates of the CATibbean hits the market!

CATibbean (PURRates), the new benchmark for measuring and mitigating Caribbean catastrophe risk, has hit the market.

Developed by Willis Towers Watson (WTW) in collaboration with impact investors and insurance industry leaders, CATibbean provides a standardized metric to measure and compare the risk of natural catastrophes across the region.

The launch of CATibbean follows two years of development and marks an important step forward in enabling a more data-driven approach to risk management in the Caribbean.

"The catastrophic events that have occurred in the region over recent years have highlighted the need for a common standard by which we can measure and compare risk," said Aidan Maloney, CEO of Willis Towers Watson Caribbean. "CATibbean will help us identify hotspots and better target our mitigation efforts."

CATibbean is comprised of two indexes: PURRates (for public entities) and CATSkyline (for commercial property owners). The indexes use data on past natural catastrophes to calculate a risk score for each country based on its susceptibility to future events, as well as its exposure to potential impacts.

The launch of CATibbean was marked with a seminar at WTW's offices in Miami, during which industry experts discussed the relevance of the index for improved risk management in the region.

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