Government received another payment last month, under the tropical cyclone and excess rainfall insurance policy following the passage of Tropical Storm Matthew in late September.
And, Minister of Finance and Economic Affairs, Christopher Sinckler, will receive a “special payout memento” from CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) officials, this Thursday, November 24, during a brief ceremony and press conference at Government Headquarters, beginning at 9:00 a.m.
CCRIF’s board members Desiree Cherebin and Faye Hardy will represent the organisation at the ceremony. Senior officials of the Barbados Meteorological Service, the Department of Emergency Management, Caribbean Disaster and Emergency Management Agency, and Caribbean Institute of Hydrology and Meteorology are also expected to be present.
CCRIF SPC provides parametric insurance coverage for earthquake, tropical cyclone, and since 2013, excess rainfall events. Barbados was one of eight countries which purchased an excess rainfall policy when it went on the market in 2014, and it currently has policies for all three hazards.
Since its inception, CCRIF SPC has made 21 payouts for hurricanes, earthquakes and excess rainfall to 10 member countries, totalling about US$68 million. Four payouts of about US$11.6 million have been made to Barbados.