GRAND CAYMAN,Cayman Islands, — CCRIF announced Thursday that it has made two payouts to the government of The Bahamas totalling US$12.8 million (US$12,824,153) following the passage of hurricane Dorian that caused widespread devastation in the northern part of the country affecting two of the 16 main islands that make up this archipelago of islands and cays.
The Bahamas has three tropical cyclone policies and three excess rainfall policies with CCRIF – each covering a section or zone of the archipelago – North West, South East, and Central.
The government received US$11,527,151 from the triggering of its tropical cyclone policy and US$1,297,002 from its excess rainfall policy for the North West zone – which includes Abaco Islands and Grand Bahama. Dorian made landfall on September 1, and battered the Abaco Islands and Grand Bahama, in the north of the archipelago, for two days.
CCRIF’s payouts are made within 14 days of an event, but in this case CCRIF made an advance payment of 50 percent of the preliminary estimated payout for tropical cyclone within seven days to allow the government to begin to address its most pressing needs, with the remaining 50 percent paid within the 14-day window for all CCRIF payouts.
In response to the payout, deputy prime minister of The Bahamas Peter Turnquest said, “The Caribbean Catastrophe Risk Insurance Facility is worth it. The hurricane insurance is going to give us roughly $10.9 million [the initial payout estimate] which is more or less in line with what we expected.” https://www.caribbeannewsglobal.com/ccrif-announces-final-payout-to-the-bahamas/
