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Dominica to get $19 million insurance payout

DEVESTATED: Destruction left behind in the aftermath of Hurricane Maria on the island of Dominica. (Photo credit: Ben Parker/IRIN)

DOMINICA, ONE of the islands rocked by Hurricane Maria, will get a US$19 million payout from the CCRIF SPC – formerly the Caribbean Catastrophe Risk Insurance Facility soon, Caribbean360 reports.

The CCRIF announced that the US$19,294,800 payout will be made under the island’s tropical cyclone policy with 14 days of the hurricane which made a direct hit on Dominica last Monday.

Dominica also holds an excess rainfall policy with CCRIF and assessments as to whether that policy was triggered are ongoing and will be determined in the next few days, it added.

This brings to US$50.7 million the fund’s total payout since the start of the 2017 Atlantic hurricane season and its total disbursement since its inception in 2007 to US$120 million.

Hurricane Irma triggered payouts for several countries earlier this month, including Barbuda, which got US$6,794,875; Anguilla received US$6,687,923 in total under its tropical cyclone and parametric excess rainfall policies; St Kitts and Nevis got US$2,294,603; and US$14,864,633 was paid to the Turks and Caicos Islands under its tropical cyclone and parametric excess rainfall policies.

Haiti and The Bahamas also received smaller payments, with Haiti receiving US$162,000 because its insurance policy’s Aggregate Deductible Cover (ADC) provided a payment despite modelled losses not reaching the parametric trigger point, while The Bahamas got a total US$397,598 under its ADC as well as its tropical cyclone policy.

According to Caribbean360, CCRIF SPC, which is in its tenth year, is currently capitalised through contributions to a Multi-Donor Trust Fund (MDTF) by the European Union, the World Bank, the Caribbean Development Bank, the governments of Canada, the United Kingdom, France, Ireland and Bermuda, as well as through membership fees paid by participating governments.

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