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Belize collects on insurance for excessive rainfall

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Posted: Friday, June 26, 2020. 9:48 am CST.

By Aaron Humes: Belize has received a payment of US$203,136 due to excess rainfall in the last few weeks.

This falls under the excess rainfall parametric insurance policy the country had with the Caribbean Catastrophe Risk Insurance Facility (CCRIF). The country was battered by three days of intense rainfall occasioned by the crossing over of Tropical Storm Amanda from the Pacific to the Gulf of Mexico, where it reformed as Tropical Storm Cristobal.

This is the second such payout since a previous payment for US$261,073 was made following the passage of Hurricane Earl in 2016.

The policy was renewed for the 2020-21 season after being established in 2019.

CCRIF has paid out nearly US$156 million since 2007 for various extreme events across the region.

It has also provided scholarships for training for prominent Belizeans in climate sciences, meteorology and engineering; granted funds for instalment of 30 weather stations countrywide to provide more accurate rainfall data; assisted southern NGO Humana to help farmers to increase productivity and reduce effects of climate change on their crops; and established a pilot to introduce a new livelihood protection policy to supplement standard insurance and assist small farmers, fishers, tourism and other workers with payouts following emergencies.

Belize also benefits from a 26 percent discount on the gross premium which is funded by US$11 million from the European Union for the country’s COVID-19 response.

 

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