Caribbean Catastrophe Risk Insurance Facility pays out for Hurricane Earl

BBN Staff: The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will pay out more than 522 thousand Belize dollars under its excess rainfall insurance policy, first purchased for the current policy year which began on June 1st – the same day as the hurricane season.  

The payment relates to heavy rains caused by Hurricane Earl’s passage on August 4 and 5th, resulting in widespread flooding, resulting in damage to homes and businesses, interruptions of water and electricity services and losses to the tourism and agriculture industries.

As part of its disaster risk management programme, Belize also has a CCRIF tropical cyclone (TC) – or hurricane – policy, which is based on modelled losses due to wind and storm surge. However, the modelled losses from wind and storm surge due to Hurricane Earl were below the policy attachment point as selected by the Government and therefore the country’s TC policy was not triggered. The excess rainfall policy complements the TC policy allowing Belize to be covered for both wind and rain that often occur at the same time during tropical cyclones.

For the policy year 2016/17, CCRIF sold 15 tropical cyclone policies, 11 excess rainfall policies and 13 earthquake policies to its 17 members in the Caribbean and Central America. CCRIF has been providing tropical cyclone and earthquake coverage since 2007 and first introduced its excess rainfall policy in 2013. In 2017, CCRIF expects to bring to market a new policy for drought.

CCRIF CEO, Mr. Isaac Anthony stated, “The CCRIF Board and Team are relieved that there was no loss of life – and we hope that the funds received from CCRIF will be useful to the Government of Belize in their recovery efforts. We wish the Government and people of Belize a rapid recovery.”

 

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