GRAND CAYMAN, Cayman Islands, Dec 13 2016 – CCRIF SPC has made a payout of US$1,110,193 to the Government of Nicaragua as a result of the passage of Hurricane Otto which triggered a payment on the country’s Tropical Cyclone policy. The payment was made on December 9, 14 days after the passage of the hurricane.
This is the second payment made to Nicaragua, following a payment of US$500,000 for a magnitude 6.1 earthquake that occurred on June 9 of this year. The earthquake occurred 114 km (71 mi) NW of Managua, Nicaragua’s capital city and was felt strongly as far away as the capital of neighbouring Honduras.
Otto was the 16th named storm of the 2016 Atlantic Hurricane Season and formed as a Tropical Storm over the southwestern Caribbean Sea near the coast of Panama on November 21 as an extremely late event in the calendar year.
According to the National Oceanic and Atmospheric Administration’s best track database, only 18 storms with at least tropical storm strength have formed in late November within the last 65 years in the western Caribbean Sea, and only 9 of them reached hurricane strength.
