CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that Barbados will receive a payout of US$5,813,299 for excess rainfall that occurred during the passage of Tropical Storm Kirk.
Barbados has been a member of CCRIF since its inception in 2007 and has received five previous payouts totaling US$13.5 million. This payout will bring the total value of payouts to Barbados to US$19.3 million.
After this payout to Barbados, CCRIF will have made 37 payouts totaling US$136.3 million to member governments since the CCRIF’s inception in 2007 – all within 14 days of the end of the event.
Since the start of this policy year on June 1, three countries have joined the facility – the Virgin Islands, Montserrat and Sint Maarten.
Cayman Islands-based CCRIF SPC is a segregated portfolio company, which limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and, since 2015, Central American governments by providing short-term liquidity when a parametric insurance policy is triggered.
CCRIF members in the Caribbean are Anguilla, Antigua & Barbuda, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, Montserrat, St. Kitts & Nevis, Saint Lucia, Sint Maarten, St. Vincent & the Grenadines, The Bahamas, Trinidad & Tobago and Turks & Caicos Islands. Nicaragua is a member in Central America.
Source: CCRIF
Topics USA
Was this article valuable?
Here are more articles you may enjoy.
Dunkin’ Cashier in Georgia, Stabbed by Rapper, Can’t Claim More Than Workers’ Comp 
In Alabama, Shot Employee Gets No Workers’ Comp and No Employer’s Liability 
Acrisure CEO Greg Williams Makes $400M Commitment to Michigan State University 
Viewpoint: Agentic AI Is Coming to Insurance Industry – Much Faster Than You Think 
