CCRIF to makes first payout to Barbados in 2018/19 policy year
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has made its first payout to Barbados on its excess rainfall policy in the 2018/19 policy year.
Barbados will receive a payout of $5.8 million on its excess rainfall policy due to heavy rainfall that occurred during the passage of Tropical Storm Kirk.
Barbados has been a member of CCRIF since its inception in 2007 and has received five previous totalling $13.5 million so far. This latest payout will bring the total value of payouts to Barbados to $19.3 million.
After this payout to Barbados, CCRIF will have made 37 payouts totalling $136.3 million to 13-member governments since 2007 – all within 14 days of the end of the event, according to a corporate statement. Since the start of this policy year on June 1, three additional countries have joined the facility – the Virgin Islands, Montserrat and Sint Maarten. CCRIF’s membership now stands at 20 countries –19 Caribbean governments and 1 Central American government.
CCRIF SPC is a regional fund utilising parametric insurance giving member governments the opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage.
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