Tropical storm Tomas triggers CCRIF payout

by Artemis on November 1, 2010

The Caribbean Catastrophe Risk Insurance Facility has announced that it expects to make payments to Barbados, Saint Lucia and St Vincent and the Grenadines under the disaster pooling facilities insurance scheme.

Preliminary calculations from the CCRIF show payouts of $8.5m for Barbados, $3.2m for Saint Lucia and $1.1m for St Vincent and the Grenadines. The CCRIF model showed substantial losses for each country but with Barbados being the largest due to its more developed economy. They measured the Barbados loss as around 1.5% of its GDP.

Barbados experienced near hurricane force winds across the whole island and all areas have been impacted by the storm while damage in Saint Lucia was limited to southern areas and only northern parts of St Vincent were impacted.

Final loss and payment calculations will be made on the 13th November and actual payouts will be made as soon as possible after that.

Tomas is destined to continue its journey through the Caribbean, and despite weakening, is forecast to intensify again and could hit more countries covered by the facility so could create further payouts, should that occur further event reports will be issued.

Follow our coverage of tropical storm Tomas here.

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