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CCRIF reaches US$100 million milestone in payouts

Posted: Tuesday, September 19, 2017. 3:40 pm CST.

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By BBN Staff: CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced today that since its inception in 2007, it has made payouts of a little more than US$100 million to 12 of its 17 member countries – all within 14 days of the event.

The US$100 million mark was reached following payouts under the excess rainfall policy of three countries – Anguilla, Turks & Caicos Islands and The Bahamas – as a result of rainfall from Hurricane Irma.

Two of these three countries – Anguilla and the Turks & Caicos Islands – also received payouts under their tropical cyclone policies due to the impacts of Irma.

The 2017 Atlantic Hurricane Season still has two months to go and the facility has already made payouts totaling US$31.2 million to six countries under their tropical cyclone (TC) and excess rainfall (XSR) policies and under a new feature for tropical cyclone policies known as the Aggregate Deductible Cover (ADC), following the passage of Hurricane Irma.

 

 Country Payments for Tropical Cyclone Under Irma (US$)
Antigua & Barbuda (TC) 6,794,875
Anguilla (TC and XSR) 6,687,923
St. Kitts & Nevis (TC) 2,294,603
Turks & Caicos Islands (TC and XSR) 14,864,633
Haiti (ADC) 162,000
The Bahamas (ADC and XSR) 397,598
Total US$31,201,632

 

CCRIF CEO, Isaac Anthony says that, “the injection of short-term liquidity that CCRIF provides when a policy is triggered is not intended to cover all the losses on the ground following a disaster, but is designed to allow governments to reduce their budget volatility and to provide much needed capital for emergency relief such as clearing of debris and other clean-up activities, restoring critical infrastructure, and most importantly providing humanitarian assistance to the affected population, thereby reducing post-disaster resource deficits”.

For many countries, when a disaster strikes, governments, and especially those of developing countries such as those in the Caribbean and Central America, must divert from their budgets to finance post-disaster expenses, and often must also rely on new loans and donations from the regional and international community which oftentimes come weeks or months after the event.

For example in Haiti, after the 2010 earthquake, their earthquake insurance payout from CCRIF (approximately US$7.8 million, 20 times more than the insurance premium) was the first set of funds received and arrived long before pledged international financial assistance.

CCRIF’s payout – made 14 days after the event – constituted around 50 per cent of the total aid the Government received in the first 10 weeks in the form of direct liquidity.

The importance of the rapidity of the CCRIF payout is clear, particularly given that, according to reports, more than six months after the earthquake, less than 10 per cent of the US$5 billion in donor pledges had been received.

 

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