Turks and Caicos, September 14, 2017 – Providenciales – The CCRIF SPC (Caribbean Catastrophe Risk Insurance Facility) is set to payout $13.6 million to the Turks & Caicos Islands, after their parametric hurricane wind insurance policy was triggered by Hurricane Irma’s recent devastating path through the Caribbean.
Parametric Insurance is a type of insurance policy that guarantees payout, in the event that a triggering event (such as a natural disaster) occurs.
Hurricane Irma battered the Caribbean, causing destruction on its path across some islands. The Leeward Islands of Antigua & Barbuda, Anguilla and St. Kitts & Nevis saw their parametric insurance policies triggered by the storm as well, with approximately $15.6 million set to be paid out there.
Haiti and The Bahamas will also receive smaller payments from the CCRIF not because their policies were triggered by Irma but because their policies Aggregate Deductible Cover (ADC) will provide a payment of $162,000 for Haiti and $243,000 for the Bahamas.
As a result, the CCRIF is now set to make $29.6 million of payments to 6 Caribbean governments under their parametric tropical cyclone insurance policies, for the impacts to their territories from Hurricane Irma.
Since the inception of CCRIF in 2007, the parametric disaster insurance facility paid out approximately $69 million in 22 payments to 10 governments. Hurricane Irma payments will bring the total to approximately $100 million.