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CCRIF to pay US$29.6m to six Irma-affected Caribbean countries

Wednesday, September 13, 2017

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KINGSTON, Jamaica — The Caribbean Catastrophe Risk Insurance Facility (CCRIF) says it will be making payments of approximately US$29.6 million to six Caribbean governments impacted by Hurricane Irma under their tropical cyclone insurance policies.

According to a release from the insurance company today, Hurricane Irma has triggered payments from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) to the Governments of Antigua & Barbuda, Anguilla, St Kitts & Nevis, Turks & Caicos Islands, Haiti and The Bahamas on their tropical cyclone (TC) insurance policies that they hold with CCRIF.

CCRIF said it is also assessing if any of member countries' excess rainfall (XSR) policies were triggered by the rains from Hurricane Irma.

CCRIF added that countries might possibly receive a second payment under their XSR policies.

Preliminary calculations of the payments due (as of September 9) for all six countries are shown below and will be received by the countries within 14 days of the event as mandated by CCRIF's operational guidelines.

Antigua & Barbuda — US$6,794,875
Anguilla — US$6,529,100
St Kitts & Nevis — US$2,294,603
Turks & Caicos Islands — US$13,631,865
Haiti — US$162,000
The Bahamas — US$234,000

The CCRIF noted that the Irma did not trigger TC policies for Haiti and the Bahamas. However, the company explained, their payments are based on the aggregate deductible cover (ADC).

CCRIF said it introduced the ADC as a new policy feature for its members in an effort to help members when modelled losses fall below the attachment point but where there are observed losses on the ground.

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