The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has made a payout of approximately US$2.4 million to the Government of Trinidad and Tobago following a rainfall event that occurred during August this year.
Caused by an Inter-Tropical Convergence Zone, the heavy rainfall resulted in flooding and landslides across southern and western Trinidad, making several roads impassable.
Due to different hazard risk profiles for each of the islands in the twin-island republic, the Government purchases two separate CCRIF policies for excess rainfall – one for Trinidad and one for Tobago.
This payout is being made on the excess rainfall policy for Trinidad, which Trinidad and Tobago purchased in 2017. Since buying the policy, the country has received payouts under its excess rainfall policy each year, totalling US$12.5 million.
Previous payouts to Trinidad and Tobago for excess rainfall have been made for example, for the periods of heavy rainfall between October 18 and October 20 in 2017 and 2018 respectively, with the Government receiving a total of US$9.5 million for these two events.
The two payouts in 2017 and 2018 were used by the Government for general cleanup such as clearing debris; providing building materials and appliances to households impacted by the rains; providing payments to relief workers; and for repairs to the Uriah Butler Highway, which was damaged by the 2018 rains.
This payout brings to 54 the total number of payouts CCRIF has made since its inception in 2007, totalling approximately US$245 million to 16 of its 23 members all paid within 14 days of the event.
Earlier this month, CCRIF made its largest payout to date to Haiti of US$40 million following the devastating 7.2 earthquake that struck that country on August 14th, 2021, significantly impacting the city of Les Cayes.