The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has presented payouts totalling US$44 million for the triggering of the Government’s tropical cyclone, excess rainfall and COAST (fisheries sector) policies, following damage from Hurricane Beryl.
The key officials who were present included CCRIF Chief Executive Officer, Isaac Anthony and members of the CCRIF team, Grenada’s Prime Minister, Dickon Mitchell, Minister of Finance, Dennis Cornwall and other officials.
Both teams took the opportunity to further discuss the importance of disaster risk financing and financial protection for the country, as well as the insurance penetration rates in the Caribbean and the multi-hazard environment that the Caribbean exists in.
In addition to the US$44 million paid to the Government of Grenada, CCRIF made payouts to both the electric and water utility companies in Grenada under their policies.
These payouts to the Grenada Electricity Services Limited (GRENLEC) and the National Water and Sewerage Authority (NAWASA), represent the first payouts made by CCRIF for policies for electric and water utilities since these two products were launched.
