Hurricane Irma has triggered payments from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) totalling approximately US$29.6 million to the Governments of Antigua & Barbuda, Anguilla, St. Kitts & Nevis, Turks & Caicos Islands, Haiti and The Bahamas.
Payment are being made on their tropical cyclone (TC) insurance policies that they hold with CCRIF.
Payments will be received by the countries within 14 days of the event as mandated by CCRIF’s operational guidelines.
CCRIF continues to assess if any excess rainfall (XSR) policies of its member countries were triggered by the rains from Hurricane Irma.
Countries may possibly receive a second payment under their XSR policies. The assessment for XSR policies takes a few days longer than the assessment for TC policies, which are based on wind and storm surge.
Payments on CCRIF members’ Tropical Cyclone policies due to Irma (US$) (September 9, 2017)
Antigua & Barbuda 6,794,875
St. Kitts & Nevis 2,294,603
Turks & Caicos Islands 13,631,865
The Bahamas 234,000
CCRIF said that for both Haiti and The Bahamas, their TC policies were not triggered by Irma. However, the payments that are due to both countries are based on the Aggregate Deductible Cover (ADC). At the start of this policy year, CCRIF introduced the ADC as a new policy feature for its members. The ADC represents a means by which CCRIF can help its members when modelled losses fall below the attachment point but where there are observed losses on the ground.