The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), the parametric disaster insurance facility serving the Caribbean and Central America, has made another payout following torrential October rainfall that affected Trinidad & Tobago.
CCRIF said that Trinidad & Tobago will receive $7,007,886 (approximately TT$47.4 million) after its parametric Excess Rainfall policy was triggered following heavy rainfall between October 18th and October 20th 2017.
For the CCRIF this is another payout following a storm season where it has made the largest number of payments to customers since its inception. The additional of this rainfall policy payout takes the 2017 total to around $61.5 million.
Trinidad & Tobago is expected to receive its payout within 14 days of the rainfall event, demonstrating the speed with which parametric insurance facilities can offer payments of capital to their clients.
This was the first year that the government of Trinidad & Tobago had purchased the excess rainfall coverage from the CCRIF. The government has two policies, one for Trinidad and one for Tobago. In this case, it was the rainfall policy for Trinidad that was triggered by the recent event.
The rainfall event was called “unprecedented” and caused widespread flooding in the country.
This $7 million payout to the Government of Trinidad & Tobago brings the total CCRIF payouts in 2017 to approximately $61.5 million, including $30.8 million for Hurricane Irma and $23.6 million for Hurricane Maria.
Since the launch of the CCRIF in 2007, it has made payouts totalling $123.5 million to 12 member governments, all of which were made within 14 days of the event. Total payouts now rise to $130 million following this rainfall event.