CCRIF to make payouts totalling US$15.6 million (EC$42 million) after Hurricane Irma
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will be making payouts totalling approximately US$15.6 million (EC$42 million) to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis as a result of the passage of Hurricane Irma which triggered payments on these countries’ Tropical Cyclone policies. Preliminary calculations of the payouts for each country are:
Anguilla and St. Kitts & Nevis also have Excess Rainfall (XSR) policies and CCRIF is assessing if these policies were triggered by the rains from Hurricane Irma, which may possibly result in a second payout under those policies. The assessment under the XSR policies will be determined in the next few days.
The CCRIF Board will meet shortly to determine additional support that it can offer countries affected.
CCRIF CEO, Mr. Isaac Anthony stated that “The CCRIF Board and Team offer condolences for the loss of life and hope these funds will provide some assistance. We stand ready to support the Government and people of these CCRIF countries as they recover from the effects of this devastating hurricane”.
Since the inception of CCRIF in 2007, the facility has made 22 payouts for hurricanes, earthquakes and excess rainfall to 10 member governments totalling approximately US$69 million. The current payments will bring the total to approximately US$85 million. Last year CCRIF made payouts totaling US$29 million to four countries after Hurricane Matthew.