Barbados is set to receive a payout of US$5,813,299 on its Excess Rainfall policy due to heavy rainfall, under the country’s CCRIF catastrophe insurance policy.
This is in the wake of heavy rainfall, which occurred during the passage of Tropical Storm Kirk earlier this month.
CCRIF SPC says Prime Minister Mia Mottley will receive a “special payout memento” from officials on Friday, during a brief ceremony in the East Wing Committee Room of the Parliament Building.
CCRIF’s Chief Executive Officer, Isaac Anthony, and board members Desirée Cherebin and Faye Hardy will represent the organization at the ceremony.
CCRIF SPC provides parametric insurance coverage for earthquake, tropical cyclone and excess rainfall events.
Barbados currently has policies for all three perils, and has received five previous payouts totalling US$13.5 million.
This payout will bring the total value of payouts to Barbados to US$19.3 million.
