Antigua & Barbuda to get $ 18m from insurance facility

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The Catastrophe Risk Insurance Facility) will be making payouts totalling approximately US$15.6 million (EC$42 million) to the Governments of Antigua & Barbuda, Anguilla and St. Kitts & Nevis as a result of the passage of Hurricane Irma which triggered payments on these countries’ Tropical 

Cyclone policies. Preliminary calculations of the payouts for each country are:

Antigua & Barbuda US$ 6,794,875 EC$ 18,346,163

Anguilla US$ 6,529,100 EC$ 17,628,570

St. Kitts & Nevis US$ 2,294,603 EC$ 6,195,428

Total US$ 15,618,578 EC$ 42,170,161

CCRIF is verifying the payout calculations and is in discussion with the three governments about making arrangements for transfer of these payouts, which will be completed within 14 days after the event – as mandated by CCRIF’s operational guidelines. 

Anguilla and St. Kitts & Nevis also have Excess Rainfall (XSR) policies and CCRIF is assessing if these policies were triggered by the rains from Hurricane Irma, which may possibly result in a second payout under those policies.

The assessment under the XSR policies will be determined in the next few days. 

Hurricane Irma, now recognized as the most powerful Atlantic Ocean hurricane in recorded history, passed through the Leeward Islands as a Category 5 hurricane with maximum sustained winds of 185 mph (300 km/h) and intense rainfall. Irma remains a strong storm and CCRIF continues to monitor the hurricane as it passes through the northern Caribbean and is also following the path of Tropical Cyclone Jose. CCRIF urges Caribbean residents and visitors in the projected path of these two storms to take continued precautions as it makes its way through the region.

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The Antigua News Room aims to deliver accurate, breaking news and current affairs to the public with immediacy.

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