Hurricane Irma triggers insurance payouts for three Caribbean countries

BRIDGETOWN, Barbados – At least three Caribbean countries hard hit by Hurricane Irma are to receive a helping hand from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility).

CCRIF SPC has announced that it will be making payouts totalling approximately US$15.6 million to the Governments of Antigua and Barbuda, Anguilla and St. Kitts and Nevis as a result of the passage of Hurricane Irma, which triggered payments on these countries’ Tropical Cyclone policies.

The Gaston Browne administration in Antigua and Barbuda, which has declared a state of emergency in Barbuda is set receive US$6,794,875.

In Anguilla, where one person was killed and there was substantial damage to homes, buildings and infrastructure, CCRIF SPC will hand over US$6,529,100.

St Kitts and Nevis, which also suffered some damage, will receive US$2,294,603.

CCRIF is verifying the payout calculations and is in discussion with the three governments about making arrangements for transfer of these payouts, which will be completed within 14 days after the event.

Anguilla and St. Kitts & Nevis could also receive a second payout since both countries have Excess Rainfall (XSR) policies.  CCRIF SPC is assessing if the rains from Hurricane Irma triggered these policies.

The assessment under the XSR policies will be determined in the next few days.

Hurricane Irma, now recognized as the most powerful Atlantic Ocean hurricane in recorded history, passed through the Leeward Islands as a Category 5 hurricane with maximum sustained winds of 185 miles per hour and intense rainfall.