The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced on Wednesday that it will disburse US$44 million to Grenada due to the devastation caused by Hurricane Beryl last Monday. This payout marks the largest single amount ever paid out by CCRIF, a company with a segregated portfolio based, operated, and registered in the Caribbean.
Hurricane Beryl, a category 4 storm, wreaked havoc across the Windward Islands on July 1, particularly impacting the Grenadine islands of Carriacou and Petite Martinique, as well as Union Island in St Vincent and the Grenadines.
CCRIF confirmed that the funds for Grenada would be transferred this week. It noted that Hurricane Beryl caused complete destruction to 90% of buildings on Carriacou and Petite Martinique. Significant damage was also reported in the agriculture sector and the natural environment, including mangrove ecosystems. The electric utilities, especially the transmission and distribution systems on both islands, suffered extensive damage.
Mainland Grenada’s northern region also experienced severe impact from Hurricane Beryl, with damage reported in residential areas, agriculture and forestry sectors, as well as disruptions to electric and water distribution systems.
