CNC3:– The Ministry of Finance has requested the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to urgently disburse funds under our catastrophe insurance policy.
This was confirmed via a tweet by Finance Minister Colm Imbert.
Imbert said in the tweet that the CCRIF usually deals only with hurricane relief, but that two years ago, the Ministry of Finance paid for additional coverage for damage from excessive rainfall.
CCRIF offers earthquake, tropical cyclone and excess rainfall policies to Caribbean and Central American governments.
It helps to mitigate the short-term cash flow problems small developing economies suffer after major natural disasters.
The CCRIF was advised on Saturday that Trinidad and Tobago was experiencing unusually heavy rainfall and suffering from severe flooding.
Urgent disbursement of funds was requested from this country’s excessive rainfall insurance policy with CCRIF.