How much will the Bahamas qualify for following Hurricane Joaquin from the CCRIF?

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Will the Caribbean Catastrophe Risk Insurance Facility (CCRIF) repair damage infrastructure in the Southeastern Bahamas?

Flooding in Long Island, Bahamas. (Photo from Ken Bodnar’s Twitter page)
Flooding in Long Island, Bahamas. (Photo from Ken Bodnar’s Twitter page)

Nassau, Bahamas — During the last administration the Bahamas signed up for coverage with the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

Both the Bahamas and the Turks & Caicos are members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a non-profit multi-country risk pooling facility providing parametric hurricane and earthquake cover to Caribbean countries. We’re unsure what the specific attachment and exhaustion points are on the policies that cover the Bahamas and Turks & Caicos islands, but there has to be a distinct possibility of the CCRIF facility being triggered by a storm of the magnitude of hurricane Irene.

In the past the CCRIF have made payouts for a number of hurricanes and tropical storms which impacted their Caribbean island policyholders, including the Turks & Caicos receiving $6.3m in 2007 from hurricane Ike, Anguilla receiving $4.28m after hurricane Earl in 2010 and tropical storm Tomas triggering $12.8m of payments to Barbados, St Lucia and St Vincent and the Grenadines in 2010.

Payments to islands whose CCRIF policies are triggered are usually made within about two weeks of the event itself, thanks to the parametric measurement used to quantify whether an event qualifies or not. This speedy payout mechanism is vital to help the Caribbean nations recover after potentially devastating natural catastrophe events.

All I wana know is this: How much we getting or was this another scheme!


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