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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

Excess Rainfall Policy - Anguilla 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

Excess Rainfall policy - Dominica 2,402,153

Earthquake, June 9, 2016

Nicaragua 500,000

Tropical Cyclone Earl, August 2016

Excess Rainfall policy - Belize 261,073

Tropical Cyclone Matthew, September 2016


Barbados
 
975,000

Excess Rainfall policy - Barbados
 
753,277

Excess Rainfall policy - Saint Lucia
 
3,781,788

Excess Rainfall policy - St. Vincent & the Grenadines
 
285,349
Tropical Cyclone Matthew, October 2016

Haiti

20,388,067

Excess Rainfall policy - Haiti

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

Excess Rainfall policy - Anguilla
 
158,823

Antigua & Barbuda
 
6,794,875

Turks & Caicos Islands
 
13,631,865

Excess Rainfall policy - Turks & Caicos Islands

1,232,769

Excess Rainfall policy - The Bahamas
 
163,598

Tropical Cyclone Maria, September 2017

 


Dominica
 
19,294,800

Excess Rainfall policy - Dominica
 
1,054,022

Excess Rainfall policy - Saint Lucia
 
671,013

Turks & Caicos islands
 
419,372

Excess Rainfall policy - Barbados
 
1,917,506

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

Rainfall event, October 18-20 2017

Excess Rainfall policy - Trinidad 7,007,886

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

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

Excess Rainfall policy - The Bahamas
 
1,297,002

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

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

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

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

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

Tropical Cyclone Zeta/Eta, October/November 2020
 
Excess Rainfall policy - Jamaica 3,500,000
Tropical Cyclone Eta, November 2020

Excess Rainfall policy - Panama

2,670,556

Tropical Cyclone Eta, November 2020
 
Tropical Cyclone policy - Nicaragua 7,793,524

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

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

Tropical Cyclone Elsa, July 2021
 
Tropical Cyclone policy - Barbados 1,345,500

Tropical Cyclone Elsa, July 2021
 
Excess Rainfall policy - Barbados 1,124,424
Earthquake,  August 14,2021

Haiti

39,953,272
Rainfall Event, August 18 - 20, 2021

Excess Rainfall policy - Trinidad

2,381,464
Rainfall Event, September 17-19, 2022

Excess Rainfall policy - Antigua & Barbuda

420,645
Rainfall Event, October 5 - 8, 2022

Excess Rainfall policy - Trinidad

5,115,782
Rainfall Event, October 5 - 8, 2022

Excess Rainfall policy - Tobago

726,932
Tropical Cyclone Julia, October 8, 2022

Nicaragua

8,924,577
Rainfall event, November 26-28, 2022

Excess Rainfall policy - Trinidad

1,400,000
Tropical Cyclone Lisa, November 2022

Belize

455,000
Tropical Cyclone Phillippe, October 2023

Excess Rainfall policy - Antigua & Barbuda

2,880,424
Tropical Cyclone Phillippe, October 2023
Excess Rainfall policy - British Virgin Islands
 
552,297
Tropical Cyclone Tammy, November 2023
Excess Rainfall policy - St. Kitts & Nevis
 
1,509,804
Earthquake, December 9, 2023
British Virgin Islands
 
849,374

Total for the period June 2007 - December 2023

 

267,624,625

Total for Tropical Cyclone policy

  144,398,683

Total for Earthquake policy

  50,003,222

Total for Excess Rainfall policy

  73,222,719

Total for TC/EQ ADC
 
  3,468,313

  

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 27,499
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
Tropical Cyclone Elsa, July 2021 Haiti 343,055
St. Vincent & the Grenadines 48,988
Saint Lucia 136,469
Tropical Cyclone Fiona, September 2022 Turks & Caicos Islands 668,857
Tropical Cyclone Lisa, November 2022 Belize 53,570
Tropical Cyclone Tammy, October 2023 Antigua & Barbuda 139,794
Total ADC   3,468,313
TC ADC   3,376,875
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 26 ADC payments totalling over US$3.5 million to 11 of its members. 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.