Several Caribbean island states have received payouts from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for damages caused by the passage of tropical storm / hurricane Tomas earlier this month.
The CCRIF said today that it has completed it’s payments to Barbados, St Lucia and St Vincent and the Grenadines following hurricane Tomas damage. They provided half of the funds on November 7th and it has now paid in total Barbados US$8.3 million, St Lucia US$3.2 million and St Vincent and the Grenadines US$1.09 million.
This is further evidence of the value of index-based and parametrically triggered insurance schemes in developing areas of the world. The quick settlement that results in prompt payout enables quicker recovery and can be the difference between total devastation and coping with disaster for a developing nation.
Read the press release from the CCRIF here.