Barbados and three other countries receive CCRIF payments

 

CCRIF SPC has completed payments totalling US$29 204 248 to the four CCRIF member countries affected by Hurricane Matthew. Of this figure, the total payout to Barbados on its Tropical Cyclone and Excess Rainfall policies was US$1 728 277.
 
Payments totalling US$29 204 248 were made to Haiti, Barbados, Saint Lucia and St. Vincent & the Grenadines on their Tropical Cyclone and/or Excess Rainfall policies by October 17 – within 14 days of the end of the hazard event.
 
This week, CCRIF CEO Isaac Anthony officially presented the payout cheque for US$3 781 788 to Saint Lucia Prime Minister, the Honourable Allen Chastanet, at a short ceremony at the Prime Minister’s Office.
 
“This cheque will be going directly to strengthening and rebuilding our agriculture sector and to paying for some of the costs that we have,” Prime Minister Chastanet indicated.
 
The CCRIF’s CEO, meanwhile, congratulated Saint Lucia on its commitment to securing catastrophe insurance through CCRIF and stressed that it is essential for all countries to have some form of disaster risk coverage.
 
Thirty-one individuals in Saint Lucia received payouts totalling US$102 000 on their Livelihood Protection Policies (LPPs) due to Matthew. This micro-insurance product was developed under the Climate Risk Adaptation and Insurance in the Caribbean Project, implemented by the Munich Climate Insurance Initiative (MCII), in collaboration with CCRIF, MicroEnsure and Munich Re. The LPP provides insurance coverage to low-income persons such as small farmers, day labourers, tourism workers, fisherfolk, etc. for extreme weather events such as rainfall and wind.
 
Since CCRIF’s inception in 2007, the facility has made a total of 21 payouts to 10 member governments, totalling almost US$68 million. CCRIF members consistently indicate that these rapid payouts are an invaluable benefit of membership. Almost immediately after an event, CCRIF is able to inform countries if their policies were triggered and if so, the approximate payout amount. These infusions of cash within two weeks after an event, are critical for immediate repair and recovery activities. (RSM)

Barbados Advocate

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