Grand Cayman, Cayman Islands: CCRIF will make payments totalling US$29.6 million to 6 Caribbean governments impacted by Hurricane Irma under their tropical cyclone insurance policies.
Hurricane Irma has triggered payments from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) totalling approximately US$29.6 million to the Governments of Antigua & Barbuda, Anguilla, St. Kitts & Nevis, Turks & Caicos Islands, Haiti and The Bahamas on their tropical cyclone (TC) insurance policies that they hold with CCRIF.
Preliminary calculations of the payments for all six countries are shown below and will be received by the countries within 14 days of the event as mandated by CCRIF’s operational guidelines. CCRIF continues to assess if any excess rainfall (XSR) policies of its member countries were triggered by the rains from Hurricane Irma.
Countries may possibly receive a second payment under their XSR policies. The assessment for XSR policies takes a few days longer than the assessment for TC policies, which are based on wind and storm surge.
Payments on CCRIF members’ Tropical Cyclone policies due to Irma (US$)(September 9, 2017)
Antigua & Barbuda 6,794,875
St. Kitts & Nevis 2,294,603
Turks & Caicos Islands 13,631,865
The Bahamas 234,000
Total US$ 29,646,443