The Caribbean parametric insurer, CCRIF SPC, announced it will make a second payout of US$21.1 million
to the government of Jamaica – a policy triggered by excess rainfall from Hurricane Melissa.
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This payout follows the CCRIF’s first record payment of US$7
0.8 million to Jamaica to cover damages from Hurricane Melissa triggered by modeled losses from wind and storm surge.
The total payouts to Jamaica from CCRIF now total US$91.9 million from Melissa.
On November 3, CCRIF provided the government with a portion of the tropical cyclone policy payout – US$8 million – to provide immediate access to quick c
ash liquidity. The remaining US$62.8 million will be paid by November 13
– in keeping with CCRIF’s commitment to make payouts within 14 days of an event
The excess rainfall policy payout will also be made within 14 days, following final model verification, CCR
IF said, noting that excess rainfall assessments typically take a few days
longer than tropical cyclone evaluations due to the complexity of
rainfall distribution and localized impacts.
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CCRIF said payouts provide its members with immediate access to liquidity to support vulnerable pop
ulations, repair critical infrastructure, stabilize public services such a
s water, and reduce the country’s economic exposure, safegua
rding debt and fiscal sustainability targets and overall development gains.
The tropical cyclone policy is based on modelled losses from wind and storm surge, and the excess rainfall p
olicy is based on the volume and distribution of rainfall. Prior to the
se two payouts for Hurricane Melissa, Jamaica received 3 other payouts in previous years on its tropical cyclone and exces
s rainfall policies for Tropical Cyclones Beryl, Eta and Zeta.
Since its inception in 2007, CCRIF has made 82 payouts totaling US$483 million to its Caribbean nation members
. Member countries are Anguilla, Antigua & Barbuda, Bahamas,
Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, D
ominica, Grenada, G
uatemala, Haiti, Jamaica, Montserrat, Nicaragua, Panama, Saint Kitts and Nevis, Saint Lucia, Sint Maarten, St. Vincent
and the Grenadines, Trinidad and Tobago, and Turks and Caicos Islands.
Based in the Cayman Islands, The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) is a segregated
portfolio company that aims to limit the financial impact of catastrophi
c hurricanes, earthquakes and excess rainfall events to Caribbean and Central American
governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.