Media Release by CCRIF/Sharon Austin
Government will receive US$1,284,882 from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), under its excess rainfall insurance policy, as a result of recent rains from a trough system in the Eastern Caribbean.
CCRIF will present a cheque to the Government of Barbados on Monday, December 8, in the Cabinet Office Conference Room at Government Headquarters, beginning at 10:00 a.m.
Director of Finance and Economic Affairs, Martin Cox, and CCRIF Board members Desirée Cherebin and Faye Hardy, will deliver remarks.
Representatives of Caribbean Risk Managers Ltd (CCRIF’s Facility Supervisor), the Barbados Meteorological Service, the Department of Emergency Management, Caribbean Disaster and Emergency Management Agency and the Caribbean Institute of Hydrology and Meteorology, are also expected to be present.
Barbados was the only CCRIF member country with an excess rainfall policy that was affected by the trough system on November 20 and 21, 2014. This pay out brings to four the number of payments made by CCRIF this year on members’ excess rainfall policies, totalling approximately US$3.4 million.
Anguilla received two disbursements – for Tropical Cyclone Gonzalo and a trough that occurred on November 7, while St. Kitts & Nevis received a payment, also for the November 7 trough. Eight CCRIF member countries – Anguilla, Barbados, Dominica, Grenada, Haiti,
St. Lucia, St. Kitts & Nevis and St. Vincent & the Grenadines – purchased excess rainfall policies for the first time for the 2014/2015 policy year. The excess rainfall product is aimed primarily at extreme high rainfall events of short duration (a few hours to a few days), whether they happen during a tropical cyclone (hurricane) or not.
Therefore, excess rainfall policies complement countries’ tropical cyclone policies, which are based on losses from wind and storm surge. If both policies are triggered by a given hurricane, then pay outs on both policies are due.