CCRIF to make payouts totalling EC$42 million after Hurricane Irma

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will be making payouts totalling approximately US$15.6 million (EC$42 million) to the Governments of Antigua & Barbuda, Anguilla and St Kitts & Nevis, as a result of the passage of Hurricane Irma, which triggered payments on these countries’ Tropical Cyclone policies.

Preliminary calculations of the payouts for each country are: Antigua & Barbuda – US$ 6,794,875 (EC$ 18,346,163); Anguilla – US$ 6,529,100 (EC$ 17,628,570); St Kitts & Nevis – US$ 2,294,603 (EC$ 6,195,428) for a total payout of US$ 15,618,578 (EC$ 42,170,161).

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 – as mandated by CCRIF’s operational guidelines.

Anguilla and St Kitts & Nevis also have Excess Rainfall (XSR) policies and CCRIF is assessing if these policies were triggered by the rains from Hurricane Irma, which may possibly result in a second payout under those 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 mph (300 km/h) and intense rainfall. Irma remains a strong storm and CCRIF continues to monitor the hurricane as it passes through the northern Caribbean and is also following the path of Tropical Cyclone Jose. CCRIF urges Caribbean residents and visitors in the projected path of these two storms to take continued precautions as they make their way through the region.