#Bahamas, September 14, 2017 – Nassau – Payment of that Caribbean Catastrophe Risk Insurance Facility will get $234, 000 for the islands severely struck by Hurricane Irma in The Bahamas. The figure is nowhere near what it will take to actually rebuild those islands devastated by the storm and this fact has reignited debate on whether it makes sense for The Bahamas to keep up with the CCRIF insurance.
The Bahamas has been a part of the CCRIF since 2007, the year the insurance for regional countries was established. In the 2016-2017 year the payment was not made under the Perry Christie led government and the country missed out on a whopping $31.8M payment, which would have gone a long way in rebounding from Hurricane Matthew. An extra, over $850,000 would have been received by The Bahamas after Matthew from the rainfall policy, also under #CCRIF.
Current PLP leader, Philip Davis had explained the back out by Christie had come from government agency advisement. CCRIF is set to make a payout to regional countries of nearly $30M; Turks and Caicos Islands are to receive $13.6M due to damages caused in hurricane Irma, where every island suffered destruction and three are declared to be in a state of emergency.