27 October 2014 Insurance
Gonzalo triggers excess rainfall policy
The losses sustained from Hurricane Gonzalo by four countries covered by the Caribbean Catastrophe Risk Insurance Facility (CCRIF) were insufficient to trigger tropical cyclone cover.
However, the Caribbean Rainfall Model indicated that a covered area rainfall event (CARE) was generated in Anguilla starting on October 13, 2014 and ending on October 14, 2014. Anguilla’s excess rainfall (XSR) policy was subsequently triggered, indicating that a payout is due.
Gonzalo affected four CCRIF member countries: Anguilla, Antigua and Barbuda, Bermuda and St. Kitts and Nevis. Only Anguilla and St. Kitts and Nevis have XSR policies.
While St. Kitts and Nevis experienced heavy rainfall, a CARE was not registered, and no payout is due.
