What was formerly the Caribbean Catastrophe Risk Insurance Facility (but has since been rebranded the CCRIF SPC) paid out $3.4 million to three member governments under its excess rainfall coverage last year – a policy only introduced that year.
One of these pay-outs was made to the Government of Anguilla after the passage of Hurricane Gonzalo, which did not trigger that country’s hurricane policy – which is based on wind speed and storm surge.
The other three payments, including a second to Anguilla, were due to two trough systems that were not part of a tropical cyclone but which caused considerable damage to the affected countries. Barbados and St. Kitts & Nevis were the other two recipients of pay-outs.
CCRIF SPC also revealed that all its 16 member governments have renewed their hurricane policies; all 13 that had earthquake policies renewed those; and 12 obtained excess rainfall coverage – an increase of four compared with the eight countries that purchased excess rainfall policies for the first time last year.
The countries that purchased excess rainfall coverage for the first time in 2015/2016 were Antigua & Barbuda, The Bahamas, Jamaica and the Turks & Caicos Islands.
CCRIF’s first Central American member, Nicaragua, purchased hurricane and earthquake policies and discussions are proceeding with other Central American countries for hurricane, earthquake and excess rainfall coverage.
CCRIF also revealed that for its 2015/2016 policies, it has offered countries a premium package that included a 50 percent discount for hurricane and earthquake policies and 15 percent discount on excess rainfall policies, to try and keep costs down.
The US National Oceanic and Atmospheric Administration (NOAA) has predicted a below-average number of storms during the Atlantic Hurricane Season, which ends on November 30. However, it still forecasts six-11 named storms, three to six hurricanes and 0-12 major hurricanes in the Atlantic this year, which could have a sever effect on the region.
The CCRIF SPC was formerly known as the Caribbean Catastrophe Risk Insurance Facility.
CCRIF SPC, Government of Anguilla, NOAA, North America