The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made its first ever hurricane payout from the multi-country risk pool.
Turks and Caicos Premier the Hon. Dr. Michael Misick accepted $6.3 million from the CCRIF, three weeks after the country was devastated by the impact of Hurricane Ike.
“The payout is the full claim due to the government on their 2008 hurricane policy issued by the CCRIF,” said the bulletin. The money will be used to aid recovery and rebuilding efforts, as well as to “help to satisfy its short-term financial needs.”
Premier Misick stated: “The government of the Turks and Caicos Islands is thankful for the quick payout made by the CCRIF. We look forward to the continued support of the Facility and its member governments, many of which have also pledged to assist in our redevelopment.”
The bulletin noted that the “high level of activity recorded in the Atlantic Basin for the 2008 hurricane season so far, affirms the necessity for the CCRIF. Fortunately, most member governments were able to avoid catastrophic losses from any one storm, but for Turks and Caicos the recovery would have been much more difficult had they not had access to their CCRIF claim.”
“Our goal has always been to assist our member governments in the short-term after a catastrophic natural disaster and so we are pleased to contribute to the recovery and redevelopment of Turks and Caicos through this payout,” explained Dr. Simon Young, CEO CaribRM, Facility Supervisor of the CCRIF.
Source: Caribbean Catastrophe Risk Insurance Facility – www.ccrif.org
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