The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will payout approximately $15.6 million to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis due to Hurricane Irma which triggered these countries’ parametric Tropical Cyclone insurance policies.
CCRIF SPC said it is likely to pay Antigua & Barbuda $6,794,875, Anguilla $6,529,100, and St. Kitts & Nevis $2,294,603. These are preliminary figures.
The parametric triggers used in the CCRIF policies meant a very quick payout determination could be made and the countries could receive the money in a matter of days, 14 days at most.
The CCRIF SPC said it is; “Verifying the payout calculations and is in discussion with the three governments about making arrangements for transfer of these payouts, which will be completed within 14 days after the event – as mandated by CCRIF’s operational guidelines.”
Anguilla and St. Kitts & Nevis also have Excess Rainfall (XSR) policies with the CCRIF and these could possibly result in a second payout due to hurricane Irma’s rains. The assessment of the XSR policies triggers will be made in the next few days.
CCRIF CEO, Mr. Isaac Anthony commented; “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 parametric disaster insurance facility has made 22 payouts for hurricanes, earthquakes and excess rainfall to 10 member governments totalling approximately $69 million. Hurricane Irma payments will bring the total to approximately $85 million.