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Federation to get multimillion-dollar payout for Hurricane Irma

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Mansion-PavilionBasseterre, St. Kitts, 12th September, 2017 (MyVueNews.com) - St. Kitts and Nevis will receive a multimillion-dollar insurance payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) as a result of damage caused by Hurricane Irma.

 

Although the federation escaped the full wrath of Hurricane Irma when it passed through the northern Leeward Islands, some damage was sustained in downed electricity lines and poles, as well as severe damage to some houses.

 

The CCRIF will make total payouts of EC$42 million (US$15.6 million) to the islands impacted. 

 

St. Kitts and Nevis will receive EC$6,195,428 (US$2,294,603).

 

The remainder is divided between Anguilla and Antigua & Barbuda in the respective amounts of EC$17,628,570 and EC$18,346,163.

 

These countries have Tropical Cyclone Policies under the CCRIF.

 

According to information received from the Government, CCRIF Segregated Portfolio Company will verify the payout calculations and is currently “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.”

 

The Government informs that the CCRIF Board will meet shortly to determine additional support that it can offer countries affected.

 

St. Kitts and Nevis is one of sixteen countries that are currently members of the facility.

 

The Caribbean Catastrophe Risk Insurance Facility was formed in 2007 as the first multi-country risk pool in the world. It was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.

 

In 2014, the facility was restructured into a segregated portfolio company to facilitate expansion into new products and geographic areas.



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