CCRIF pays out $12.8m to Bahamas government for Hurricane Dorian
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has paid out $12.8 million to the Bahamas Government for Hurricane Dorian that caused widespread devastation in the northern part of the country.
CCRIF said the payout was 'final' and comprises $11.5 million from the triggering of its tropical cyclone policy and $1.3 million from its excess rainfall policy for the North West zone – which includes Abaco Islands and Grand Bahama.
The Bahamas has three tropical cyclone policies and three excess rainfall policies with CCRIF – each covering a section or zone of the archipelago - North West, South East and Central.
Estimates for insured losses for Dorian have ranged from $500 million to $5 billion, but are now likely to be nearer the lower end of that range. The cost of the damage to the Bahamas is much greater, with many residents uninsured or underinsured.
CCRIF pays out within 14 days of an event, but CCF said that, in this case, it made an advance payment of 50 percent of the preliminary estimated payout for tropical cyclone within seven days to allow the Government to begin to address its most pressing needs. It paid the remaining 50 percent paid within the 14-day window.
A CCRIF team will visit The Bahamas within the next two weeks to work with the Government in their recovery efforts, including supporting the country to increase its long-term resilience to hydrometeorological hazards such as storms and hurricanes.
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