The hurricane-ravaged tri-Island state of Grenada received an unprecedented payment of over $US 44 million from the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) on Thursday.
CCRIF Chief Executive Officer Isaac Anthony presented the cheque to Grenada’s Finance Minister Denis Cornwall.
Anthony said it was the single largest payout in CCRIF’s history.
Grenada Electricity Services Ltd. (GRENLEC) and the National Water and Sewerage Authority (NAWASA) also received $US 9.3 million and $US 2.2 million.
The destructive force of Hurricane Beryl, which rampaged through Grenada, Carriacou, and Petite Martinique, was the catalyst for the urgent payments.
The storm devastated 90% of all buildings on the islands of Carriacou and Petite Martinique.
The hurricane also significantly damaged the agriculture sector.
In addition, it impacted Grenada’s North.
According to CCRIF, the event triggered all of Grenada’s parametric insurance policies.
The policies make payments based on the intensity of an event and the amount of loss calculated in a pre-agreed model.
On his Facebook page, Grenada Prime Minister Dickon Mitchell explained that while the CCRIF funds may not cover all rebuilding costs, they will enable commencing the journey of restoring homes, communities, and the nation.
Haiti had previously received the single largest payout from CCRIF – just under US$40 million, following the 2021 earthquake.
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There, in a nutshell folks, demonstrates the value of insurance as evidenced by CCRIF’s payment.
We thank you the dedicated insurance and reinsurance sector employees, actuaries, executives and other persons who created the framework providing insurance protection in the Caribbean for such catastrophic events.