Montserrat Buys Policy From Caribbean Catastrophe Risk Insurance Facility
Montserrat has purchased coverage for tropical cyclones and excess rainfall in 2018 from the Caribbean Catastrophe Risk Insurance Facility (CCRIF).
Both Montserrat and the BVI purchased a policy for the 2018/2019 year which began on June 1st.
The CCRIF was designed in 2007 to limit the financial impact of hurricanes and earthquake by paying governments when a policy is triggered.
The facility provides rapid payouts to help members finance their initial disaster response and maintain basic government functions after an extreme event.
Now that Montserrat and the BVI have joined the facility, the CCRIF's membership now stands at 19 countries, 19 Caribbean governments and 1 Central American government.
Since its inception in 2007, it has made payouts totalling US$130.5 million to 13 member governments, including US$83.6 million for Matthew, Irma and Maria, which have accounted for 64 per cent of the total.
The facility expended $6.5 million US dollars to the Anguillan Government and over 19 million to Dominica, some of the hardest hit countries during the 2017 Atlantic Hurricane Season.
Even after these payouts, CCRIF says it remains financially solvent with its long-term sustainability intact.
The members of CCRIF are Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, Nicaragua, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, Turks & Caicos Islands.