Grenada: CCRIF to pay relief fund of US $44 million to overcome Beryl

Hurricane Beryl affected state of Grenada to receive a relief fund from the Caribbean Catastrophe Risk Insurance facility (CCRIF), an amount of US $44 million in regards of the damage and devastation caused by the passage of the storm.

On Wednesday, July 10, the CCRIF announced that it will pay an amount of US $44,000,000 to Grenada which is still under the effects of the destructive category 4 hurricane that left behind a trail of death and severe damage.

The CCRIF, a Segregated Portfolio Company, is an insurance company and the first multi-country risk pool in the world, established in the year 2007. The company operates, is owned, and is registered in the Caribbean.

CCRIF has assured that the amount will be credited to Grenada by this week, adding the fact that the Grenada Grenadine islands of Carriacou and Petite Martinique and the Union Island of St Vincent has been severely affected. The Beryl has destroyed 90 percent of all constructions and buildings on the islands of Carriacou and Petite Martinique.

While extending heartfelt and deepest condolences to the government and people of Grenada, CCRIF stated that it is well informed of the situation and is aware of the impacts left behind on other member countries of the CCRIF like for the regions of St Vincent and the Grenadines and Jamaica.

This will mark the first ever payout made to Grenada by CCRIF. The facility added that this payout to Grenada under the Tropical Cyclone (TC) policy will be the single largest payment made by CCRIF to any country. Second to that was the payout of US $40 million received by Haiti following the earthquake in 2021.

Isaac Anthony, Chief Executive Officer of CCRIF stated that the facility’s parametric insurance must be seen as a key commodity to help countries to build back stronger and even better to overcome disasters, also to withstand natural hazards in future.

The Organization also announced that Jamaica shall also receive payouts regarding which communications will be done the following week. Anthony projected a comparison between the conditions in 2004 and that of the present day, stating that countries like Grenada, St Vincent and the Grenadines and Jamaica now have access to liquidity from CCRIF within 14 days of the monstrous hurricane Beryl, to get going with the recovery efforts.