CCRIF SPC (Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company) has revealed it made three payouts totalling $4.9 million to member governments following Tropical Storm Philippe and Tropical Cyclone Tammy which took place in the 2023 Atlantic hurricane season.
The Facility made payouts on parametric insurance policies for Excess Rainfall, with Antigua and Barbuda receiving $2,880,424 million, the British Virgin Islands receiving $552,297 million, and St. Kitts and Nevis receiving $1,509,804 million.
CCRIF observed that since its inception in 2007, it has made 63 payouts to 17 member governments in the Caribbean and Central America totalling $266,775,251. The Facility added that payouts have benefitted over 3.5 million persons in the Caribbean and Central America.
“Most of the CCRIF payouts – more than 60% have been used by governments to address immediate needs post-disaster – from providing food, water and medicines to the most vulnerable, to clearing roads or rehabilitating an important piece of infrastructure such as a bridge or water treatment plant etc,” CCRIF explained.
The Facility continued, “Payouts have also been used for repairing critical infrastructure such as schools, supporting the tourism sector post-disaster so that the country does not miss the upcoming tourist season while hotels await payouts from their indemnity insurance, and supporting the agriculture sector.”
