In addition to the $44 million paid to the Government of Grenada by CCRIF SPC following damage from Hurricane Beryl, payouts to both the Grenada Electricity Services Limited and the National Water and Sewerage Authority under their policies have now been made.
According to Isaac Anthony, CCRIF CEO, these payouts to the electric and water utility companies, ($9.3 million and 2.2 million respectively) represent the first made by CCRIF for policies for electric and water utilities since these two products were launched.
Between the Government of Grenada and the aforementioned utility firms, Grenada reportedly has all 6 parametric insurance policies CCRIF has on offer.
Isaac Anthony continued, “Grenada is a best practice example for other small island states in ensuring that its economy is financially protected and also taking steps to ensure that key economic sectors are also financially protected.
“Governments must view electricity and water as public goods, even when they are privately managed, as without either, economic growth and development prospects continue to be stymied even after a disaster.”
Grenada’s Prime Minister, Hon. Dickon Mitchell, commented, “While these funds [from CCRIF] may not cover all rebuilding costs, they will enable us to begin the journey of restoration of our homes, our communities and our nation.”
The CCRIF observed that this is exactly what it was set up to do – to fill the liquidity gap and provide an injection of liquidity following a natural disaster to allow members to begin recovery efforts.
