CDB assisting members with risk insurance grants

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The Caribbean Development Bank (CDB) has approved a grant of U.S. $14 million to CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility.
A CDB release said the grant will provide enhanced insurance coverage to its Borrowing Member Countries (BMCs) that insure through CCRIF against tropical cyclone, earthquake and excess rainfall risks.
The funding will also enable CCRIF SPC to increase its reserves and capital, helping its long-term sustainability.
The CCRIF SPC provides insurance coverage for government risk to Caribbean and Central American countries.  This form of insurance is designed to limit the financial impact of catastrophic natural events, such as hurricanes and earthquakes, by quickly providing short-term liquidity when a policy is triggered.
“The grant will contribute capital to the Tropical Cyclone and Earthquake Segregated and Excess Rainfall Segregated Port-folios under CCRIF and support the development of new products,” said Cheryl Dixon, Coordinator of the CDB’s Environmental Sustainability Unit
The grant is funded through resources provided to CDB’s Special Develop-ment Fund (Other) by the Government of Mexico. After the passage of Hurricanes Irma and Maria in September, CCRIF SPC made payouts of U.S. $50.7 million to seven countries: Anguilla, Antigua and Barbuda, The Bahamas, Dominica, Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands.
(More in today’s Daily Observer)

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