CCRIF Makes Payments to Anguilla, St. Kitts & Nevis on Excess Rainfall Policies

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that it has made payments to the Governments of Anguilla – $559,249 – and St. Kitts & Nevis -$1.055 million – under their excess rainfall insurance policies.

The announcement explained that the “payments were due as a result of rains from a low pressure trough located over the northern Lesser Antilles islands between November 7 and 8. St. Kitts’ Meteorological Services recorded 125 mm [app. 5 inches] of rainfall over the 2-day period from 8:00 pm on November 6 to 8:00 pm on November 8 at the Robert L. Bradshaw International Airport in the south of St. Kitts. The Director of Disaster Management in Anguilla indicated that total rainfall during this period was 148.8 mm [app. 6 inches].”

This is the second payment made to the Government of Anguilla under its excess rainfall insurance policy this year. On October 27, the Government received $493,465 from CCRIF as a result of heavy rains that caused flooding in the country during Hurricane Gonzalo.

The Excess Rainfall policies of these two countries were triggered “because the Rainfall Index Losses produced by the Caribbean Rainfall Model that underlies the policies was above the policy attachment point (deductible),” the CCRIF explained. “These modelled government losses were calculated based on the model’s measurement of maximum accumulated rainfall from remotely sensed data from satellites. The Caribbean Rainfall Model is operated by Kinetic Analysis Corporation.”

Source: the Caribbean Catastrophe Risk Insurance Facility (CCRIF)