CCRIF hands over US$55.6 million to Grenada to recover from Hurricane Beryl

Grenada: The Chief Executive Officer of CCRIF, Isaac Anthony and the members of the team handed over payouts of US $55.6 million to its members in Grenada.

Recently, the CCRIF team met with the Prime Minister of Grenada, Dickon Mitchell; Minister of Finance, Dennis Cornwall and other key personnels in order to present them with the payouts totalling US$44 million for the triggering of the Government’s tropical cyclone, excess rainfall and COAST policies, following damage from Hurricane Beryl. Along with that, they presented US$ 9 million to Grenada Electricity Services Limited and US$ 2 million to National Water and Sewage Authority.

Both the teams, CCFRIF and Grenada delegates took this opportunity and held discussions on the significance of disaster risk financing and financial protection for the country. Along with that, they also exchanged their dialogues on the insurance penetration rates in the Caribbean and the multi-hazard environment that the Caribbean exists in.

The CEO of CCRIF, Anthony stated that their team is committed to improving the resilience of the Caribbean and Central America to climate change and natural hazards. He further asserted that the Caribbean and Central America’s development insurance company is always available to help countries build back better by providing them access to quick liquidity.

While extending gratitude to CCRIF for their assistance, the Prime Minister noted that these funds may not cover all the rebuilding costs but will definitely help them in beginning the journey of restoration of their homes, communities and their nation.

He further asserted that this is exactly what CCRIF was set up to do that is “to fill the liquidity gap and provide an injection of liquidity following a natural disaster to allow members to begin recovery efforts.”

Moreover, the CCRIF has not only paid US$44 million to the Government of Grenada but also made payouts to both the electric and water utility companies in island nation under their policies. These payouts to the GRENLEC and NAWASA, represent the first payouts made by CCRIF for policies for electric and water utilities since these two products were launched.

The CEO of CCRIF shed light on the importance of countries who are taking measures to ensure that their key economic sectors are protected. And, for the same, he praised the authorities of Grenada and called it the best example for other small island states in ensuring that its economy is financially protected. He also remarked that the Governments must also view electricity and water as public goods even when they are privately managed.

CCRIF was designed as a regional catastrophe fund for Caribbean governments in order to limit the financial impact of hurricanes and earthquakes to Caribbean governments by quickly providing short term liquidity when a policy is triggered.