Sunday, April 14, 2024

Gov’t to receive compensation for recent heavy rains

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GOVERNMENT WILL RECEIVE US$1 284 882 from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), under its excess rainfall insurance policy, as a result of recent rains from a trough system in the Eastern Caribbean.

Barbados was the only CCRIF member country with an excess rainfall policy that was affected by the trough system on November 20 and 21, 2014.

This pay out brings to four the number of payments made by CCRIF this year on members’ excess rainfall policies, totalling approximately US$3.4 million. Anguilla received two disbursements – for Tropical Cyclone Gonzalo and a trough that occurred on November 7, while St Kitts & Nevis received a payment, also for the November 7 trough. Eight CCRIF member countries – Anguilla, Barbados, Dominica, Grenada, Haiti,

St Lucia, St Kitts & Nevis and St Vincent & the Grenadines – purchased excess rainfall policies for the first time for the 2014/2015 policy year.

The excess rainfall product is aimed primarily at extreme high rainfall events of short duration (a few hours to a few days), whether they happen during a tropical cyclone (hurricane) or not. Therefore, excess rainfall policies complement countries’ tropical cyclone policies, which are based on losses from wind and storm surge. If both policies are triggered by a given hurricane, then pay outs on both policies are due. (BGIS)

 

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