The Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC has made two pay-outs totalling $3.4m to the governments of Antigua and Barbuda and the British Virgin Islands following Tropical Storm Philippe.
The Cayman-domiciled CCRIF made pay-outs on both country’s parametric insurance policies for excess rainfall, paying $2.9m to Antigua and Barbuda, and $550,000 to the British Virgin Islands.
This was the British Virgin Island’s first pay-out from CCRIF, while it was Antigua and Barbuda’s third payout from the facility, with the country also receiving payment following Tropical Cyclone Irma in 2017 and an excess rainfall event in 2022.
“Investment in CCRIF’s catastrophe risk insurance each year is an important part of their comprehensive disaster risk management strategies, as CCRIF pay-outs help to close the protection gap, reduce budget volatilities associated with exogenous shocks and allow governments to address the country’s most urgent need,” said CCRIF CEO, Isaac Anthony.
“Whilst pay-outs are often used to address immediate needs after a disaster, governments can also implement activities to increase resilience against future hazard events, build back better and enhance social protection systems to become more shock-responsive”.
The two Tropical Storm Phillipe pay outs bring the total CCRIF payments since its inception in 2007 to $265m, with the facility making 62 pay-outs to 17 of its 26 members.
CCRIF said it is keeping an eye on Tropical Storm Tammy which is forecasted to impact several CCRIF member countries including Antigua and Barbuda, Montserrat, St. Kitts and Nevis, Anguilla, and St. Maarten in the coming days.