Barbados receives a booster payout from CCRIF

Barbados receives a booster payout from CCRIF
Barbados receives a booster payout from CCRIF

The ongoing recovery programmes in Barbados fasten due to donations of more million dollars. The government has been making recovery of the destructions followed by the Hurrican Elsa.

On Thursday, the Caribbean Catastrophe Risk Insurance Facility had announced an amount of 2.5 million US Dollars for giving to Barbados. This amount has been shown to the Government of Barbados under the island’s tropical cyclone and excess rainfall parametric insurance facilities. The amount was the first payout by CCRIF related to the 2021 Atlantic Hurricane Season.

The administration led by Mia Amor Mottley has been still evaluating the damages caused by the disaster. Till now, the government had noticed 2,000 damaged homes. The destroyed houses had been kept under category 1. The total cost had not been calculated by the government of the destruction experienced by Barbados. The list of damages includes significant roof loss and other damage to houses, downed poles and uprooted trees.

According to the statement that explains the facility said that parametric insurance that is offered by CCRIF has been very different from traditional indemnity insurance. CCRIF’s parametric insurance products always make the transaction of payments based on the disastrous effects of disaster in the country. The exposure or assets affected by the event and the amount of loss calculated in a pre-agreed model happened due to the disaster.

Mia Amor Mottley said that 352 houses would have to be reconstructed. While 968 homes would be repaired, and 18 persons had just asked for materials instead of asking the government to rebuild their house. To date, Barbados had received 7 payments from the CCRIF totalling US$21.8 million.

CCRIF also made payments totalling US$528 512 to three other member governments – Haiti, Saint Lucia, and St. Vincent and the Grenadines – under the Aggregate Deductible Cover (ADC) feature of CCRIF’s tropical cyclone policies as a result of damage they received from Hurricane Elsa, the fifth tropical cyclone in this year’s hurricane season.