CCRIF SPC made two payouts totalling US$3.4 million to the governments of Antigua and Barbuda and the British Virgin Islands following Tropical Storm Philippe.
Philippe made landfall on Antigua and Barbuda on October 2nd and passed near the British Virgin Islands on October 4th, causing heavy rains and flooding in both countries. CCRIF made payouts on these countries’ parametric insurance policies for Excess Rainfall as follows:
• Antigua and Barbuda: US$2,880,424.
• British Virgin Islands: US$552,297 – this was the BVI’s first payout from CCRIF.
This payout to the Government of Antigua and Barbuda was its 3rd payout, having received payouts following Tropical Cyclone Irma in 2017 and an excess rainfall event in 2022.
All CCRIF payouts are made within 14 days of the event.