By Charlie Wood From Reinsurance News

CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has announced that Barbados is to receive a $5.8 million payout due to heavy rainfall that occurred during the passage of Tropical Storm Kirk.

The payout is CCRIF’s first of the 2018/19 policy year and brings the total sum paid to Barbados in the last 11 years to $19.3 million.

After this payout to Barbados, CCRIF will have made 37 payouts totalling $136.3 million to 13 member governments since 2007 – all within 14 days of the end of the event.

It is worthwhile noting that since the start of this policy year on June 1, three additional countries have joined the Facility – the Virgin Islands, Montserrat and Sint Maarten.

CCRIF’s membership now stands at 20 countries – 19 Caribbean governments and one Central American government.

CCRIF is an example of an ex-ante financing instrument and allows immediate injections of liquidity in the aftermath of disasters ensuring continuity of government operations and enabling critical infrastructure to be quickly restored, whilst addressing the most urgent needs of the affected population.

For more on this story go to: https://www.reinsurancene.ws/hurricane-kirk-rainfall-triggers-5-8m-barbados-payout-from-ccrif/