Financial relief is on the way for storm-battered Dominica following the onslaught of Hurricane Maria on Monday, with the CCRIF SPC – formerly the Caribbean Catastrophe Risk Insurance Facility – announcing a US$19 million payout under its tropical cyclone policy.
“This payout will be made within 14 days of the hurricane,” CCRIF said in a release issued today.
This brings to US$50.7 million the fund’s total payout since the start of the 2017 Atlantic Hurricane Season and to US$120 million its total disbursement since its inception in 2007.
“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,” CCRIF’s Chief Executive Officer Isaac Anthony said, while touting its model of providing short-term liquidity in the face of hazards, as a template that can be adopted and adapted by other regions.
CCRIF SPC, which is in its tenth year, is currently capitalized through contributions to a Multi-Donor Trust Fund (MDTF) by the European Union, the World Bank, the Caribbean Development Bank, the governments of Canada, the United Kingdom, France, Ireland and Bermuda, as well as through membership fees paid by participating governments.