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TRINIDAD | CCRIF Makes TT$17M Payout to Trinidad and Tobago

PORT OF SPAIN,  Trinidad , November 6, 2018 - For the second year in a row, Trinidad and Tobago has received a payout on its Excess Rainfall policy following a period of heavy rainfall in October, The Caribbean N Catastrophe Risk Insurance Facility (CCRIF SPC) has announced.

The T&T Government received a payout of US$2,534,550 (approximately TT$17 million) due to heavy rains between October 18 and 20, 2018.

Trinidad and Tobago has been a member of CCRIF since 2007 and has purchased CCRIF policies for tropical cyclones and earthquakes every year since then.

Starting in 2017, the Government began purchasing coverage for Excess Rainfall (XSR) and has two separate XSR policies in place – one for Trinidad and one for Tobago.

Since purchasing its first excess rainfall policy in 2017, the Government has received two payouts totaling approximately US$9.5 million (TT$64 million) – one in October 2017 when the Government received a payout of US$7,007,886 following an excess rainfall event and this current payout.

Each year, prior to the start of a new policy year in June, CCRIF meets with its member governments to discuss details of the CCRIF coverage they wish to purchase for the upcoming year and present updates and information related to model changes and enhancement, the full range of CCRIF’s products and services as well as new products being developed. At the same time, CCRIF seeks to enhance members’ understanding of the importance of risk transfer and its relationship with financial protection and sustainability. CCRIF met with the Government of Trinidad and Tobago in May this year.

This payout to the Government of Trinidad & Tobago brings the total CCRIF payouts to date to almost US$139 million to 13-member governments – all made within 14 days of the event.

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