The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is set to payout $13.6 million to the Turks & Caicos islands, after their parametric hurricane wind insurance policy was triggered by hurricane Irma’s recent devastating path through the Caribbean.
Hurricane Irma battered the Caribbean, causing widespread destruction on its path across some islands. The Leeward Islands of Antigua & Barbuda, Anguilla and St. Kitts & Nevis saw their parametric insurance policies triggered by the storm as well, with approximately $15.6 million set to be paid out there as well.
Haiti and Bermuda will also receive smaller payments from the CCRIF not because their policies were triggered by Irma but because their policies Aggregate Deductible Cover (ADC) will provide a payment despite modelled losses not reaching the parametric trigger point, with $162,000 for Haiti and $243,000 for the Bahamas.
As a result, the CCRIF is now set to make $29.6 million of payments to 6 Caribbean governments under their parametric tropical cyclone insurance policies, for the impacts to their territories from Hurricane Irma.
Since the inception of CCRIF in 2007, the parametric disaster insurance facility paid out approximately $69 million in 22 payments to 10 governments. Hurricane Irma payments will bring the total to approximately $100 million.