The Caribbean Catastrophe Risk Insurance Facility announced yesterday that it made two payouts to the Government of The Bahamas totalling US$12.8 million (US$12,824,153) following the passage of Hurricane Dorian that caused widespread devastation in the northern part of the country affecting 2 of the 16 main islands that make up this archipelago of islands and cays.
The Bahamas has 3 tropical cyclone policies and 3 excess rainfall policies with CCRIF – each covering a section or zone of the archipelago – North West, South East and Central.
The Government of Bahamas received US$11,527,151 from the triggering of its tropical cyclone policy and US$1,297,002 from its excess rainfall policy for the North West zone – which includes Abaco Islands and Grand Bahama.
CCRIF’s payouts are made within 14 days of an event, but in this case CCRIF made an advance payment of 50 per cent of the preliminary estimated payout for tropical cyclone within 7 days to allow the Government to begin to address its most pressing needs – with the remaining 50 per cent paid within the 14-day window for all CCRIF payouts.
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