Irene Losses Won’t Trigger Policy Payouts – CCRIF

August 31, 2011

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that, “while Hurricane Irene resulted in registered losses in six of its member countries (Anguilla, Antigua & Barbuda, the Bahamas, Haiti, St. Kitts & Nevis and the Turks & Caicos Islands), none of the policies of these countries were triggered.”

The biggest losses occurred in the Bahamas and the Turks & Caicos Islands. None of the other four countries were impacted by more than lower Tropical Storm-force winds (under 50 mph, 80 km/hr).

The islands in the Caribbean had expected far worse. The CCRIF indicated that the “impacts of Hurricane Irene were not as bad as had been feared. Early damage reports indicate low to moderate impacts except for some southern and eastern islands in the Bahamas, which lay directly on Irene’s path.

“Critical tourism infrastructure, on which these countries largely depend for economic activity, was not badly affected. The Bahamas Ministry of Tourism indicated that the major tourism areas of Nassau/Paradise Island and Grand Bahama have seen a quick return to normal operations.”

Dr. Simon Young, CEO of Caribbean Risk Managers, and the Facility Supervisor of CCRIF, stated: “Based on reports from affected governments, we don’t see a major immediate loss of revenue to any of the countries impacted by Irene, which is what the CCRIF policy is designed to cover.

“However, we do recognize that significant damage has been done in some of the smaller islands in the Bahamas, and CCRIF has already contacted the government to see what other ways it may be able to assist, for example through CCRIF’s technical assistance program.”

Source: CCRIF

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