Weather affected Trinidad and Tobago receives US $2.4 million from CCRIF

Weather affected Trinidad and Tobago receives US $2.4 million from CCRIF
Weather affected Trinidad and Tobago receives US $2.4 million from CCRIF

The Government of Trinidad and Tobago received an amount of US$2.4 million from Caribbean Catastrophe Risk Insurance Facility. This amount had been paid to recover from the situation posed by the bad weather condition from August 18 to August 20.

The recovery amount was given by CCRIF as the bad weather conditions affected Trinidad and Tobago due to Inter-Tropical Convergence Zone. This resulted in heavy rain and due to which the roads are badly flooded in Trinidad and Tobago. Southern and western Trinidad has been affected by many landslides.

Segregated portfolio company CCRIF is owned and being operated in the Caribbean region. It helps the nations islands and communities financially those are affected by earthquakes, catastrophic hurricanes and heavy rainfall.

The Government bought 2 various policies of CCRIF as the excess rainfall affected both Trinidad and Tobago. As being 2 different risk profiles of the different islands. The US$2.4 million payouts were made on the heavy rainfall policy for Trinidad.

Trinidad and Tobago had purchased these policies in the past 2017. From 2017 the country had received US$12.5 million as a total five payout of 5 different rainfall policies. The Government also had covered for tropical cyclones – another policy for Trinidad and one for Tobago ­– and for earthquakes.

For periods of heavy rain between October 18 and October 20 in 2017 and 2018, respectively, the Government received US$9.5 million from the CCRIF.

These two payouts would be used for general clean-up, which includes clearing of debris, obtaining building stocks and devices of households those were affected by the rain, giving payment to relief assistants, and for repairs to the Uriah Butler Highway (the Caroni section of highway), which was damaged by the 2018 rains.

The CCRIF made its largest payout to date, earlier this month, to Haiti, which received US$40 million after the devastating 7.2 earthquakes that struck that country on August 14.