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.
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