The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) formerly the Caribbean Catastrophe Risk Insurance Facility will be making payouts totalling approximately EC$42 million to the Governments of Antigua and Barbuda, Anguilla and St. Kitts and Nevis as a result of the passage of Hurricane Irma which triggered payments on these countries’ Tropical Cyclone policies.
CCRIF is verifying the payout calculations and is in discussion with the three governments about making arrangements for transfer of these payouts, which will be completed within 14 days after the event – as mandated by CCRIF’s operational guidelines.
Anguilla and St. Kitts and Nevis also have Excess Rainfall policies and CCRIF is assessing if these policies were triggered by the rains from Hurricane Irma, which may possibly result in a second payout under those policies.
Hurricane Irma, now recognized as the most powerful Atlantic Ocean hurricane in recorded history, passed through the Leeward Islands as a Category 5 hurricane with maximum sustained winds of 185 miles per hour and intense rainfall.
Irma remains a strong storm and CCRIF continues to monitor the hurricane as it passes through the northern Caribbean and is also following the path of Hurricane Jose.
