CCRIF pays $7.0m to Trinidad & Tobago for excess rainfall

Caribbean catastrophe facility CCRIF said on Oct. 30 that it is paying out $7.0 million to Trinidad & Tobago from its excess rainfall policy following a period of heavy rainfall between Oct. 18 and Oct. 20, 2017.

The payout will be made to the government within 14 days after the end of the event.

Trinidad & Tobago has been a member of CCRIF since 2007 and has purchased CCRIF policies for Tropical cyclone and earthquake since 2007. In 2017, for the first time, the government purchased a CCRIF policy for excess rainfall (XSR) and has two separate XSR policies in place – one for Trinidad and one for Tobago. Following the recent heavy rainfall, the policy for Trinidad triggered.

CCRIF insurance products for earthquakes, tropical cyclones and excess rainfall are parametric and make payments based on the intensity of an event (for example, earthquake intensity, hurricane wind speed, volume of rainfall) and the amount of loss calculated in a pre-agreed model caused by these events. In the case of rainfall, losses are estimated using a model based on amount of rainfall (excess rainfall).

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