Panama government to receive $17.4 million CCRIF payout following magnitude 7.7 quake

By Rebecca Delaney Oct 15 (The Insurer) — The government of Panama will receive a $17.4 million payout after its earthquake insurance policy was triggered by a magnitude 7.7 earthquake on October 9, regional risk pool CCRIF SPC said on Thursday. The quake struck at 12:56 p.m. local time last Friday, with its epicentre near Pitaloza Arriba on the Azuero Peninsula. CCRIF said its proprietary earthquake model estimated peak ground acceleration of up to 0.5g in Panama, making it the only CCRIF member to experience shaking above the model's 0.03g reporting threshold. The modelled government losses exceeded the attachment point of its earthquake policy, with coverage secured through the Fondo de Ahorro de Panamá. Panama has been a member of CCRIF since 2018 and has received three payouts during its time in the regional risk pool, totalling around $29 million, for excess rainfall linked to Hurricane Eta in 2020 and exceptional rain events in 2024. The latest payout for the October 9 earthquake brings total payouts to Panama from CCRIF to approximately $47 million. Gallagher Re said on Thursday the event is estimated to result in a moderate regional insured ‌loss, likely in the low hundred