Thursday, September 2 2010

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is preparing to make a payout to the government of Anguilla to the sum of over US$4 million as a result of Tropical Cyclone Earl which passed close to Anguilla and other islands in the northeastern Caribbean as a major hurricane on Tuesday.

They will receive the payout after 14 days during which time a final calculation of loss and payout will be made.

In a media statement, the CCRIF said Earl blew roofs off buildings and downed many power lines in Anguilla. Severe beach erosion and flooding have also impacted the island. Antigua & Barbuda and St Kitts & Nevis, both also covered by CCRIF policies, were less severely impacted, though some flooding and coastal damage has been reported.

Anguilla has both tropical cyclone and earthquake policies with CCRIF as part of the country’s disaster risk management strategy. The storm was of sufficient magnitude to trigger the hurricane coverage.

The CCRIF is working with regional partners, particularly the Caribbean Institute for Meteorology and Hydrology (CIMH) and local disaster management officials in Anguilla to collect on-the-ground information relevant to hazard and risk assessment.

They are hopeful the rapid payment of funds under Anguilla’s policy will assist the government and people of Anguilla in addressing immediate needs as they begin contemplating the rebuilding process.

CCRIF is a risk pooling facility, owned, operated and registered in the Caribbean for Caribbean governments. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short term liquidity when a policy is triggered.

Sixteen governments are members of the fund: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Trinidad & Tobago and the Turks and Caicos Islands.