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CCRIF SPC Payouts

 

Event

Country Affected

Payouts (US$)

Earthquake, 29 November 2007

Dominica

528,021

Saint Lucia

418,976

Tropical Cyclone Ike, September 2008

Turks and Caicos Islands

6,303,913

Earthquake, 12 January 2010

Haiti

7,753,579

Tropical Cyclone Earl, August 2010

Anguilla

4,282,733

Tropical Cyclone Tomas, October 2010

Barbados

8,560,247

Saint Lucia

3,241,613

St Vincent & the Grenadines

1,090,388

Tropical Cyclone Gonzalo, October 2014

Anguilla - Excess Rainfall Policy 493,465

Trough System, 7-8 November 2014


Anguilla
 
559,249

St. Kitts & Nevis
 
1,055,408

Trough System, 21 November 2014

Barbados 1,284,882

Tropical Storm Erika, 27 August 2015

Dominica - Excess Rainfall policy 2,402,153

Earthquake, June 9, 2016

Nicaragua 500,000

Tropical Cyclone Earl, August 2016

Belize - Excess Rainfall policy 261,073

Tropical Cyclone Matthew, September 2016


Barbados
 
975,000

Barbados - Excess Rainfall policy
 
753,277

Saint Lucia - Excess Rainfall policy
 
3,781,788

St. Vincent & the Grenadines - Excess Rainfall policy
 
285,349

Tropical Cyclone Matthew, October 2016


Haiti
 
20,388,067

Haiti - Excess Rainfall policy
 
3,020,767

Tropical Cyclone Otto, November 2016

Nicaragua 1,110,193

Tropical Cyclone Irma, September 2017


St. Kitts and Nevis
 
2,294,603

Anguilla
 
6,529,100

Anguilla - Excess Rainfall policy
 
158,823

Antigua & Barbuda
 
6,794,875

Turks & Caicos Islands

13,631,865

Turks & Caicos Islands - Excess Rainfall policy

1,232,769

The Bahamas - Excess Rainfall policy
 
163,598

Tropical Cyclone Maria, September 2017


Dominica
 
19,294,800

Dominica - Excess Rainfall policy
 
1,054,022

Saint Lucia - Excess Rainfall policy
 
671,013

Turks & Caicos islands
 
419,372

Barbados - Excess Rainfall policy
 
1,917,506

St. Vincent & the Grenadines - Excess Rainfall policy
 
247,257

Rainfall event, October 18-20 2017

Trinidad & Tobago - Excess Rainfall 7,007,886

Tropical Storm Kirk, October 2018
 
Barbados - Excess Rainfall 5,813,299

Rainfall event, October 18-20 2018
 
Trinidad & Tobago - Excess Rainfall 2,534,550
Tropical Cyclone Dorian, September 2019
The Bahamas - Tropical Cyclone
 
11,527,151

The Bahamas - Excess Rainfall
 
1,297,002

Tropical Cyclone Karen, October 2019
 
Trinidad & Tobago - Excess Rainfall 362,982

Tropical Cyclone Amanda/Cristobal, May/June 2020
 
Belize - Excess Rainfall 203,136

Tropical Cyclone Amanda/Cristobal, May/June 2020
 
Guatemala - Excess Rainfall 3,628,013

Tropical Cyclone Laura, August 2020
 
Haiti - Excess Rainfall 7,163,958

Rainfall Event, August 31 - September 2, 2020
 
Trinidad & Tobago - Excess Rainfall 176,146

Tropical Cyclone Zeta/Eta, October/November 2020
 
Jamaica - Excess Rainfall 3,500,000
Tropical Cyclone Eta, November 2020 Panama - Excess Rainfall 2,670,556
Tropical Cyclone Eta, November 2020 Nicaragua - Tropical Cyclone 7,793,524

Tropical Cyclone Eta, November 2020
 
Nicaragua - Excess Rainfall 2,956,021

Tropical Cyclone Iota, November 2020
 
Nicaragua - Tropical Cyclone 19,891,162

Total for the period June 2007 - December 2020

 

199,985,130

Total for Tropical Cyclone

  134,128,606

Total for Earthquake

  9,200,576

Total for Excess Rainfall

  56,655,948

Total for TC/EQ ADC
  2,077,615

 

Payments Under the TC/EQ Aggregated Deductible Cover (ADC)

 

Event Country Payments (US$)

Tropical Cyclone Irma, September 2017

Haiti 162,000
The Bahamas 234,000

Tropical Cyclone Maria, September 2017

Saint Lucia 123,750
Anguilla 29,250
Antigua & Barbuda 32,400
St. Kitts & Nevis 27,150

Earthquake, October 7, 2018
 
Haiti 91,438
Tropical Cyclone Dorian, August 2019 Barbados 123,500
British Virgin Islands 47,500
St. Kitts and Nevis 32,168
Saint Lucia 130,625
St. Vincent and Grenadines 17,613
Tropical Cyclone Isaias, August 2020 Haiti 290,925
The Bahamas South East 27,443
The Bahamas Central 8,603
The Bahamas North West 270,900
Tropical Cyclone Laura, August 2020 Antigua & Barbuda 70,257
St. Kitts and Nevis 32,168
Haiti 290,925

Tropical Cyclone Nana, September 2020
 
Belize 35,000
Total ADC   2,077,615
TC ADC   1,986,177
EQ ADC   91,438

The Aggregate Deductible Cover (ADC)

 

What is the ADC?

The ADC is a special feature of CCRIF’s tropical cyclone (TC) and earthquake (EQ) parametric insurance policies. The ADC was designed to potentially provide a payment for TC and EQ events that are objectively not sufficient to trigger the country’s main policy because the modelled loss is below the policy attachment point (which is similar to a deductible). The ADC also helps to address the issue of  basis risk which is an inherent feature of parametric insurance in which some hazard events are missed by the models underpinning the policies. In this case, the ADC is able to reduce the probability of a missed payment when there may be losses on the ground but the country’s parametric insurance policy is not triggered. 

When was the ADC Launched?

In 2017, CCRIF launched the ADC feature for its tropical cyclone and earthquake policies, which it provided at no cost to members to commemorate the Facility’s 10th anniversary. Since the launch of this feature, CCRIF has continued to provide it to members at no cost except for one policy year when members were offered a 50 per cent discount on the cost of the feature.

Have there been any payouts under the ADC?

Since 2017, CCRIF has made 20 ADC payments totalling over US$2 million to 10 of its members. CCRIF SPC members receiving ADC paymentsPayments were made following Tropical Cyclones Irma and Maria in 2017, Dorian in 2019 and Isaias, Laura and Nana in 2020 – as well as an earthquake in Haiti in October 2018. In many cases the ADC payments associated with tropical cyclones were in addition to payouts on countries’ Excess Rainfall (XSR) policies, which were triggered by rains associated with those events. Like all CCRIF payouts, ADC payments are made within 14 days of the event.

How are ADC payments calculated?

An ADC payment is made if the modelled loss is between 50% and 99% of the attachment point OR if it is between 10% and 49% of the attachment point and a Disaster Alert from the ReliefWeb website is issued for the event for that country.

What is the maximum payout a country can receive under the ADC?

The maximum ADC payment a country can receive after an event is the net premium paid for the TC or EQ policy by that country.