The regional scheme that provides disaster risk financing for member countries has announced that Trinidad & Tobago will receive a payout of US$7,007,886 (approximately TT$47.4 million) on its Excess Rainfall policy following a period of heavy rainfall between October 18 and October 20, 2017.
CCRIF says it was able to determine the value of the payout after the end of this rainfall event and the payout will be made to the Government within 14 days after the end of the event.
Trinidad & Tobago has been a member of CCRIF since 2007 and has purchased CCRIF policies for Tropical Cyclone and Earthquake since 2007. In recent years, Trinidad & Tobago has experienced severe hydrological events not associated with hurricanes, resulting in major flooding and loss of property and livelihoods. This year, for the first time, the Government purchased a CCRIF policy for Excess Rainfall (XSR) and has two separate XSR policies in place – one for Trinidad and one for Tobago. Following the recent heavy rainfall, the policy for Trinidad triggered.
Local officials and technocrats in Trinidad have referred to the recent rainfall, which has caused widespread flooding, as “unprecedented”. The CCRIF payout will provide quick liquidity to the Government for immediate repairs and recovery efforts.
