The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has announced a significant payout of US$44 million to Grenada in the aftermath of Hurricane Beryl. This portfolio company specializes in providing financial protection against catastrophic hurricanes, earthquakes, and excess rainfall events in the Caribbean and Central America.
All policies under CCRIF were triggered for Grenada due to the impact of Hurricane Beryl. The tropical cyclone policy, covering wind and storm surges, will result in a payout of US$42,425,110. Additionally, the COAST policy for the fisheries sector will provide a payout of US$1,066,667, and the excess rainfall policy will make a payout of US$548,850. In total, Grenada will receive US$44,040,627 to help recover from the devastation caused by the storm.
Beryl ravaged 90 per cent of all buildings on Carriacou and Petit Martinique, including critical infrastructure such as the airport, marinas, gas stations, hospital, and homes. The agricultural sector and natural environment also suffered significant damage.
CCRIF’s parametric insurance policies, which trigger based on specific events, determine payments based on the intensity of the event and calculated losses. This payout to Grenada is the largest single payment that CCRIF has ever made. Our thoughts and condolences go out to the government and people of Grenada as they navigate the recovery process following this powerful storm.
