Antigua and Barbuda receives US$2.8M lifeline to aid Tropical Storm Philippe recovery

0
272
xxxxxlocalcluster
- Advertisement -

The government has received financial assistance to aid its recovery efforts following the destructive impact of Tropical Storm Philippe.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has stepped in to provide a substantial payout of US$2,880,424 to help address the storm’s damage.

This financial support from CCRIF is a part of the insurance policies that cover excess rainfall. The twin island nation endured more than four inches of rain when Tropical Storm Philippe passed over it on October 2 and 3.

In the aftermath of the storm, CCRIF extended its support to both Antigua and Barbuda and the British Virgin Islands, resulting in total payouts of US$3.4 million.

This represented the first-ever disbursement for the British Virgin Islands, which received US$552,297 to aid in its recovery efforts.

Isaac Anthony, the CEO of CCRIF, emphasised that such assistance can play a vital role in addressing the immediate and urgent priorities of the affected countries.

“Investment in CCRIF’s catastrophe risk insurance each year is an important part of their comprehensive disaster risk management strategies, as CCRIF payouts help to close the protection gap, reduce budget volatilities associated with exogenous shocks and allow governments to address the country’s most urgent needs.

“Whilst payouts are often used to address immediate needs after a disaster, governments can also implement activities to increase resilience against future hazard events, build back better and enhance social protection systems to become more shock-responsive,” he said in a release.

For the government of Antigua and Barbuda, this marks the third instance of receiving support from CCRIF, with previous payouts provided after Hurricane Irma in 2017 and an excess rainfall event in 2022.

These payouts are made within 14 days of the catastrophic event, enabling countries to respond promptly to the challenges they face.

Since its establishment in 2007, CCRIF has distributed a total of US$265 million in payouts, benefiting 17 of its 26 member countries. CCRIF’s policies base payouts on specific factors related to the natural hazard event, such as hurricane wind speed, earthquake intensity, or the volume of rainfall.

This approach allows for a faster response, as CCRIF can disburse funds promptly without waiting for countries to file claims based on on-the-ground assessments of loss and damage once their policies are triggered.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

15 − three =