Will the Bahamas get any money from the Caribbean Catastrophe Risk Insurance Facility (CCRIF)?

0
1526

dsc_0649
GRAND BAHAMA, The Bahamas — Prime Minister of the Bahamas, the Rt. Hon. Perry Christie along with visiting Prime Minister of Dominica, the Hon. Roosevelt Skerrit visited West Grand Bahama, October 12, 2016 to see first hand the damage Hurricane Matthew left behind. Pictured walking l-r: Minister of Tourism and MP for West Grand Bahama and Bimini the Hon. Obie Wilchcombe, Prime Minister Christie, Prime Minister Skerrit, and Ambassador Irwin La Rocque, Secretary-General of CARICOM.

Bahamas Press wonders if we will get any assistance from the The Caribbean Catastrophe Risk Insurance Facility (CCRIF). In 2007 pledges totaling $47.7 million were made by Canada, the World Bank, the United Kingdom, France and the Caribbean Development Bank. A further $19.5 million was raised in the form of a Participation Fee from each CCRIF member country.

The CCRIF is the first multi-country risk pool in the world, and is also the first insurance instrument to successfully develop a parametric policy backed by both traditional and capital markets. It is a regional insurance fund for Caribbean governments designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing financial liquidity when a policy is triggered. Sixteen countries count themselves members of the fund: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and the Turks and Caicos Islands.

Minister for Grand Bahama, the Hon. Dr. Michael Darville welcomed the group.

(BIS Photos/Vandyke Hepburn)