CCRIF insurance pays out US$44m to Grenada


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The destruction of Category 4 storm Hurricane Beryl after it battered Carriacou on July 1. - Photo courtesy Unicef Eastern Caribbean
The destruction of Category 4 storm Hurricane Beryl after it battered Carriacou on July 1. – Photo courtesy Unicef Eastern Caribbean

The Caribbean Catastrophe Risk Insurance Facility (CCRIF), a portfolio company focused on limiting the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events in the Caribbean and Central America, has announced it will make payouts to Grenada, amounting to US$44 million, in the wake of Hurricane Beryl.

In a media release on July 10, CCRIF said all policies under the facility were triggered for the island.

The tropical cyclone policy which covers wind and storm surges was triggered for a payout of US$42,425,110; the COAST policy for the fisheries sector was triggered for a payout of US$1,066,667; and the excess rainfall policy was activated to make a payout of US$548,850; for a total payout of US$44,040,627.

CCRIF said Beryl devastated 90 per cent of all the buildings on Carriacou and Petit Martinique including the airport, marinas, gas stations, the hospital and homes. It said there was also significant damage to the agricultural sector and natural environment.

“The board and management of CCRIF extend their deepest condolences to the government and people of Grenada for the loss of life, property and livelihoods due to this powerful storm,” the release said.

CCRIF’s parametric insurance policies ­– policies that trigger based on a specific event – make payments based on the intensity of an event and the amount of loss calculated through a pre-agreed model caused by the events.

CCRIF said this payout to Grenada is the single largest payment it has ever made.



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