Nov 2010 Financial News

CCRIF pays out millions for Tomas damage

Nov 18, 2010

GRAND CAYMAN, Cayman Islands (CMC) — The Caribbean Catastrophe Risk Insurance Facility (CCRIF) Wednesday said it had completed insurance payments to Barbados, St Lucia and St Vincent and the Grenadines following the passage of Hurricane Tomas late last month.

CCRIF said it had provided half of the funds owed to the three Caribbean islands on November 7, seven days after the hurricane that caused widespread damage in St Lucia and St Vincent and the Grenadines where the authorities said put the cost in excess of US$550 million.

CCRIF, which is a not-for profit risk pooling facility, owned, operated by Caribbean governments, said that it has now paid Barbados US$8.3 million, St Lucia $3.2 million and St Vincent and the Grenadines $1.09 million.

"These three countries — along with 13 other Caribbean nations — have had catastrophe insurance for hurricanes and earthquakes with CCRIF since the inception of the Facility in 2007," said CCRIF, which was formed at the Caribbean Community request for a cost-effective risk transfer programme for member governments.


CMC


Source:
Jamaica Observer
Thursday November 18, 2010

http://www.jamaicaobserver.com/news/CCRIF-pays-out-millions-for-Tomas-damage_8163608