The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made a US $2.4 million payout to Trinidad & Tobago after the Caribbean nations parametric excess rainfall insurance policy was triggered recently.
Including this latest payout, the CCRIF’s parametric disaster insurance policies have now paid out 54 times, amounting to $245 million paid out to 16 of its 23 members, with all payouts made within 14 days of the event occurring.
The Government of Trinidad and Tobago has received this latest payout after a heavy rainfall event that occurred during August 18-20, 2021 triggered its excess rainfall policies parametrics.
The rainfall was caused by an Inter-Tropical Convergence Zone, with heavy rainfall that resulted in flooding and landslides across southern and western Trinidad, making several roads impassable.
Highlighting the way CCRIF parametric policies can be tailored, the facility said that because of the different hazard risk profiles for each of the islands, the Government purchases two separate CCRIF policies for excess rainfall – one for Trinidad and one for Tobago.
This particular payout has been made on the excess rainfall policy for Trinidad.
Ever since Trinidad and Tobago began purchasing parametric coverage for excess rainfall in 2017, the country has received payouts under its policy each year, with five payouts totalling US $12.5 million.
This payout follows the largest ever made by the CCRIF, which it made recently to the Government of Haiti after the devastating earthquake on August 14th triggered its parametric quake risk policy, resulting in a US $40 million payout.
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