Dominica may have suffered over EC $500 million in damages following the passage of Hurricane Maria according to the Caribbean Disaster Emergency Management Agency, (CDEMA), but they will have to settle for an insurance payout of just US$19 million plus under their tropical cyclone policy.
The CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, made the announcement on September 22nd, noting the payout will be made by early October.
This payout brings the total CCRIF payouts since the start of the 2017 Atlantic Hurricane Season to about US$50.7 million and CCRIF’s payouts since its inception in 2007 to approximately US$120 million.
CCRIF was designed to provide quick liquidity to governments of the Caribbean and Central America following catastrophic impacts from tropical cyclones, earthquakes and excess rainfall. Dominica also holds an excess rainfall policy with CCRIF and assessments as to whether that policy was triggered are ongoing.
“While we are saddened by the devastation from both tropical cyclones Irma and Maria, we continue to be pleased to support our member countries in their time of need and are encouraged by the annual renewal of policies by our members,” said CEO Isaac Anthony. “This provides some strong evidence that our model is a benefit to the region as well as a template that can be adopted and adapted by other regions of the world.”