Saint Lucia today received some 10.2 million EC dollars from CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility.
The money was paid out on this country’s Tropical Cyclone policy following the passage of Tropical Cyclone Matthew.
Prime Minister, Allen Chastanet, received the cheque on behalf of the Saint Lucia government at a brief ceremony today.
“We have all come to the realization that global warming has changed our lives,” Chastanet told today’s ceremony.
He expressed the view that this country has to build up its infrastructure in recognition that it will be impacted by more storms and “freaks of nature.”
Chastanet spoke of the need to strengthen the agriculture sector – specifically in relation to drainage and addressing the height of bridges.
CCRIF SPC has completed the transfer of twenty-nine million dollars to all the countries that were affected by Matthew – Haiti, Barbados, Saint Vincent and the Grenadines and Saint Lucia.
In 2007, the Caribbean Catastrophe Risk Insurance Facility, now CCRIF SPC was formed as the first multi-country risk pool in the world.
It was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets.
The agency was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.
Saint Lucia has so far received three payouts from the CCRIF SPC dating back to 2007 when this country was rocked by a strong earthquake.