CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has made a parametric insurance payout of $2.5 million to Trinidad and Tobago after its excess rainfall policy was triggered by heavy rainfall in October.
The Government of Trinidad & Tobago has already received a payout of US $2,534,550 (approximately TT $17 million) from its insurance cover after the heavy rains struck between October 18th and 20th 2018.
It’s the second time it has benefitted from such a payout, as in 2017 it received a $7 million payout from the same parametric rainfall insurance product after another spell of torrential October rainfall affected Trinidad & Tobago.
Payment is based on the volume and distribution of a qualifying rainfall event, as well as a range of factors related to the coverage specifics selected. With the insurance using a parametric trigger payouts from the CCRIF are all made with two weeks of an event notice being filed.
Including this latest payout to the Government of Trinidad & Tobago, the CCRIF has now made payouts totalling almost US $139 million to 13 member governments, with each made within 14 days of the event.
Barbados recently benefitted from a payout of $5.8 million under its parametric excess rainfall coverage after impacts from tropical storm Kirk struck the island.