Six Caribbean coun­tries to re­ceive US$29.6M from risk in­sur­ance fa­cil­ity

-fol­low­ing Hur­ri­cane Irma dev­as­ta­tion

Stabroek News - - NEWS -

The Caribbean Catas­tro­phe Risk In­sur­ance Fa­cil­ity (CCRIF) Seg­re­gated Port­fo­lio Com­pany (SPC) will make pay­ments to­tal­ing US$29.6 mil­lion to six Caribbean coun­tries im­pacted by Hur­ri­cane Irma un­der their Trop­i­cal Cy­clone (TC) in­sur­ance poli­cies.

Ac­cord­ing to a state­ment from CCRIF SPC in Grand Cay­man, Hur­ri­cane Irma has trig­gered pay­ments to the gov­ern­ments of, An­tigua and Bar­buda - US$6, 794, 875; An­guilla – US$6,529,100; St. Kitts and Ne­vis – US$2,294,603; Turks and Caicos Is­lands – US$13,631,865; Haiti – US$162,000, and The Ba­hamas – US$234,000.

The coun­tries will re­ceive the funds within 14 days of the event as man­dated by the CCRIF’s op­er­a­tional guide­lines, ac­cord­ing to the CCRIF re­lease. CCRIF will

con­tinue to as­sess if more any ex­cess rain­fall (XSR) poli­cies will be trig­gered by the rains from Hur­ri­cane Irma. The as­sess­ment for XSR poli­cies takes a few days longer than the as­sess­ment for TC poli­cies, which are based on wind and storm surge.

The pay­ments due to Haiti and The Ba­hamas are based on the Ag­gre­gate De­ductible Cover (ADC), a new pol­icy fea­ture which al­lows CCRIF to as­sist its mem­bers when mod­elled losses fall be­low the at­tach­ment point but where there are ob­served losses on the ground, ac­cord­ing to the CCRIF re­lease.

The CCRIF poli­cies al­low im­me­di­ate ac­cess to liq­uid­ity, which is crit­i­cal for coun­tries post disas­ter ur­gent re­pairs and re­cov­ery ac­tiv­i­ties, as com­pared to re­lief from the in­ter­na­tional com­mu­nity which can take be­tween four to twelve months, the CCRIF re­lease said.

CCRIF SPC is a seg­re­gated port­fo­lio com­pany, owned, op­er­ated and reg­is­tered in the Caribbean. Be­tween its for­ma­tion in 2007 and 2016, the CCRIF fa­cil­ity made 22 set­tle­ments to ten mem­ber coun­tries of ap­prox­i­mately US$69 mil­lion. The Irma pay­ments will push the to­tal com­pen­sa­tion to al­most US$100 mil­lion.

Newspapers in English

Newspapers from Guyana

© PressReader. All rights reserved.