BASSETERRE, St. Kitts – DESPITE not recording any major damage from the passage of Hurricanes Irma and Jose, St. Kitts and Nevis is set to receive at least US$2,294,603 or EC$6,195,428 from the Caribbean Catastrophe Risk Insurance Facility (CCRIF).
CCRIF in a recent statement explained that it would be making payouts totalling approximately US$15.6 million (EC$42 million) to the Governments of Antigua and Barbuda, Anguilla and St. Kitts and Nevis, as a result of the passage of Hurricane Irma which triggered payments on these countries’ Tropical Cyclone policies.
The organization is currently in the process of verifying the payout calculations, and is in discussion with the Governments about making arrangements for transfer of the payouts.
It is said that the payments would be made within 14 days after the event – as mandated by CCRIF’s operational guidelines.
Antigua and Barbuda, according to the CCRIF, is expected to receive US$6,794,875, Anguilla US$6,529,100 and St. Kitts and Nevis US$2,294,603.
The Caribbean organization is currently assessing Excess Rainfall (XSR) policies in Anguilla and St. Kitts and Nevis to see if these policies were triggered by the rains from Hurricane Irma, which may possibly result in a second payout under those policies.
Described as the strongest hurricane in the Atlantic Ocean, Irma packed winds upwards of 180 miles per hour.
The hurricane made its way through the Northern Caribbean and the Leeward Islands chain, pounding St. Kitts and Nevis, the United States Virgin Islands, Barbuda, St. Maarten and the British Virgin Islands, among others.
Barbuda, St. Maarten, the USVI, British Virgin Islands, Puerto Rico and Anguilla were badly damaged by the storm, which resulting in more than 20 deaths.
Despite receiving strong winds from the storm, the Federation only sustained minor damage – downed trees and power lines as well as blown roofs.
