Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has made a payout of US $203,136 to the Government of Belize under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal.
Amanda was a tropical cyclone that originated in the Pacific Ocean and brought rains that affected Belize on 30 May and then weakened.
However, the remnants of Amanda then reorganised to form Tropical Storm Cristobal in the Gulf of Mexico – thus becoming a cross-over cyclone from the Pacific to the Atlantic.
Earlier this week, CCRIF announced that it had paid $3.6 million to Guatemala under its XSR policy for the same pair of storms.
This marks the second payout that Belize has secured from CCRIF, after receiving $261,073 following Tropical Cyclone Earl in 2016.
Since its inception in 2007, CCRIF has made a total of 43 payouts for 21 events to 14 member governments totalling $155.8 million.
Earlier this month, CCRIF received a grant of US$11 million from the European Union (EU) for premium support for its Caribbean members under the EU Global COVID-19 Response.
Belize and the other CCRIF Caribbean members have benefited from a 26 per cent discount on their gross premium which they are able to make use of in the 2020/21 and/or 2021/22 policy years.
