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Belize gets payout from climate change insurance due to last tropical storms

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Posted: Thursday, June 25, 2020. 1:24 pm CST.

By BBN Staff: Belize has received a payout from its CCRIF SPC (formerly known as the  Caribbean Catastrophic Risk Insurance Facility) policy, due to water damage caused by tropical storms Amanda and Cristobal.

The storms which hit at the end of May and early June triggered the parametric insurance policy, which cashed out to US $203,136.

The latest payout is the second that Belize has received under its coverage, with the first being a US $261,073 payout following Tropical Cyclone Earl in 2016. Those funds were used for immediate clean-up and recovery purposes.

The CCRIF was formed back 2007, to be a multi-country provider of policies that are used to limit the financial impact of natural hazard events to governments in the Caribbean and Central American by quickly providing short-term liquidity when a policy is triggered.

Since 2007, the CCRIF has made a total of 43 payouts for 21 events (earthquakes, tropical cyclones, and excess rainfall events) to 14 member governments totaling US $155.8 million.

 

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