Government will receive another payment under the country’s CCRIF catastrophe insurance policy.
Barbados will receive a payout of US$5,813,299 (approximately BDS$11.6 million) on its Excess Rainfall policy due to heavy rainfall, which occurred during the passage of Tropical Storm Kirk earlier this month.
Prime Minister Mia Amor Mottley will receive a “special payout memento” from CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility) officials tomorrow, Friday, October 19, during a brief ceremony in the East Wing Committee Room of the Parliament Building.
CCRIF’s Chief Executive Officer, Isaac Anthony, and board members Desirée Cherebin and Faye Hardy will represent the organization at the ceremony.
CCRIF SPC provides parametric insurance coverage for earthquake, tropical cyclone and excess rainfall events. Barbados currently has policies for all three perils, and has received five previous payouts totalling US$13.5 million.
This payout will bring the total value of payouts to Barbados to US$19.3 million.