GRAND CAYMAN, Cayman Islands, CMC – The Caribbean Disaster Danger Insurance coverage Facility (CCRIF) Friday stated it had made its first 2023 Atlantic Hurricane season funds, totaling US$3.4 million.
It stated that the funds had been made to the governments of Antigua and Barbuda and the British Virgin Islands following the passage of Tropical Storm Philippe earlier this month.
The storm landed on Antigua and Barbuda on October 2 and handed close to the British Virgin Islands two days later, inflicting heavy rains and flooding in each international locations. CCRIF stated the funds had been made beneath the international locations’ parametric insurance coverage insurance policies for extra rainfall. Antigua and Barbuda acquired US$2,880,424 and the British Virgin Islands US$552,297, the island’s first payout from CCRIF.
Antigua and Barbuda had acquired funds in 2017 and 2022, and CCRIF stated that each one funds had been made inside 14 days of the occasion.
CCRIF chief govt officer Isaac Anthony stated that every nation can use its payout to handle pressing priorities and is advising all international locations within the area that “funding in CCRIF’s disaster danger insurance coverage every year is an integral a part of their complete catastrophe danger administration methods, as CCRIF payouts assist to shut the safety hole, cut back price range volatilities related to exogenous shocks and permit governments to handle the nation’s most pressing wants.
“Whereas payouts are sometimes used to handle speedy wants after a catastrophe, governments may also implement actions to extend resilience in opposition to future hazard occasions, construct again higher, and improve social safety programs to change into extra shock-responsive,” Anthony added.
CCRIF stated that the newest funds convey the whole CCRIF payouts since its inception in 2007 to US$265 million to 17 of its 26 members.
“All through the years, CCRIF member governments have used payouts to handle speedy wants post-disaster – from offering meals, water, and medicines to probably the most susceptible to clearing roads, fixing bridges, and many others. Payouts have additionally been used for repairing and bettering important infrastructure resembling colleges and water therapy crops and supporting sectors resembling tourism and agriculture,” stated the CCRIF. A segregated portfolio firm owned, operated, and registered within the Caribbean.
CCRIF stated it will proceed monitoring the hurricane season, which, based on Philip Ktotzback from Colorado State College, has produced 91 named storm days.
It stated it’s watching carefully Hurricane Tammy, which is anticipated to impression a number of CCRIF member international locations this weekend, together with Antigua and Barbuda, Montserrat, St. Kitts and Nevis, Anguilla, and St. Maarten.
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