CCRIF SPC confirms $19m payout to Dominica after Hurricane Maria
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has confirmed that Dominica will receive a payout of $19 million under its tropical cyclone policy following the passage of Hurricane Maria on September 19.
This payout will be made within 14 days of the hurricane. CCRIF was designed to provide quick liquidity to governments of the Caribbean and Central America following catastrophic impacts from tropical cyclones, earthquakes and excess rainfall.
Dominica also holds an excess rainfall policy with CCRIF and assessments as to whether that policy was triggered are ongoing and will be determined in the next few days. This payout brings the total CCRIF payouts since the start of the 2017 Atlantic Hurricane Season to about $50.7 million and CCRIF’s payouts since its inception in 2007 to approximately $120 million.
CCRIF allows immediate injections of liquidity in the aftermath of disasters ensuring continuity of government operations and enabling critical infrastructure to be quickly restored and most importantly addressing humanitarian needs.
CCRIF CEO, Isaac Anthony said: “While we are saddened by the devastation from both tropical cyclones Irma and Maria, we continue to be pleased to support our member countries in their time of need and are encouraged by the annual renewal of policies by our members. This provides some strong evidence that our model is a benefit to the region as well as a template that can be adopted and adapted by other regions of the world”.
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Re/insurers welcome EU-US bilateral agreement
LSM appoints head of new treaty reinsurance unit in LatAm
Adapt to survive an uncertain future, warns insurtech start-up founder
Insured losses from latest Mexico quake could reach $2bn
Russian National Reinsurance Company expands into China, India
EU and US sign bilateral agreement on insurance and reinsurance
