View Article

08

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will be making payouts totalling approximately US$15.6 million (EC$42 million) to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis as a result of the passage of Hurricane Irma which triggered payments on these countries’ Tropical Cyclone policies

CCRIF is verifying the payout calculations and is in discussion with the three governments about making arrangements for transfer of these payouts, which will be completed within 14 days after the event – as mandated by CCRIF’s operational guidelines.

Anguilla and St. Kitts & Nevis also have Excess Rainfall (XSR) policies and CCRIF is assessing if these policies were triggered by the rains from Hurricane Irma, which may possibly result in a second payout under those policies.

The assessment under the Excess Rain policies will be determined in the next few days. Hurricane Irma, now recognized as the most powerful Atlantic Ocean hurricane in recorded history, passed through the Leeward Islands as a Category 5 storm with maximum sustained winds of 185 mph (300 km/h) and intense rainfall. The CCRIF continues to monitor the hurricane as it passes through the northern Caribbean and is also following the path of Tropical Cyclone Jose. CCRIF urges Caribbean residents and visitors in the projected path of these two storms to take continued precautions as it makes its way through the region.

Actions: E-mail | Permalink |

Post Rating

© 2017 by RCI St. Lucia   |   Login