by STAFF WRITER
GEORGE TOWN, Cayman Islands, Jun. 14, CMC – The British Overseas Territories the British Virgin Islands and Montserrat are now members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and have purchased coverage for the 2018/19 policy year beginning June 1.
The CCRIF says both countries obtained tropical cyclone and excess rainfall policies and the BVI also purchased cover against earthquakes.
“The addition of these two countries to the risk pool is consistent with our current strategic direction which is geared towards scaling up the facility by adding new members, increasing products we offer and also encouraging members to increase coverage levels,” CCRIF CEO, Issac Anthony.
In a statement Wednesday, the facility said the region has witnessed first-hand the impacts of extreme geophysical and climate events throughout the past decade – highlighted by Hurricanes Matthew, Irma and Maria in the past two years .
“Since CCRIF’s inception in 2007, it has made payouts totaling US$130.5 million to 13 member governments, including US$83.6 million for Matthew, Irma and Maria, which have accounted for 64 per cent of the total. Even after these payouts, CCRIF remains financially solvent with its long-term sustainability intact.”
“All 36 payouts to date have been made within 14 days of the end of the event – a core principle of CCRIF SPC. In some cases, partial payouts were made within seven days upon request by the recipient governments.”
According to CCRIF, the new members are joining at a time when many countries are increasing their level of coverage.
“While all existing member policies were renewed for the 2018/19 policy year, 12 member governments increased the value of their coverage limit by at least 10 per cent for either Tropical Cyclone or Excess Rainfall policies.”
CCRIF SPC is a segregated portfolio company, owned, operated and registered in the Caribbean, that was developed under the technical leadership of the World Bank and with a grant from the Government of Japan.
Borrowing Member Countries that insure through CCRIF against tropical cyclone, earthquake and excess rainfall risks.
CCRIF’s membership now stands at 19 countries – 18 Caribbean governments and one Central American government.
