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Severe floods result in $47 million insurance payout to the Government
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced today that Trinidad & Tobago will receive a payout of US$7,007,886 (approximately TT$47.4 million) on its Excess Rainfall policy following a period of heavy rainfall between October 18 and October 20 2017.
CCRIF says it was able to determine the value of the payout after the end of this rainfall event and the payout will be made to the Government within 14 days after the end of the event.
Trinidad & Tobago has been a member of CCRIF since 2007 and has purchased CCRIF policies for Tropical Cyclone and Earthquake since 2007.
In recent years, Trinidad & Tobago has experienced severe events not associated with hurricanes, resulting in major flooding and loss of property and livelihoods.
This year, for the first time, the Government purchased a CCRIF policy for Excess Rainfall (XSR) and has two separate XSR policies in place – one for Trinidad and one for Tobago. Following the recent heavy rainfall, the policy for Trinidad triggered.
CCRIF insurance products for earthquakes, tropical cyclones and excess rainfall are parametric and make payments based on the intensity of an event (for example, earthquake intensity, hurricane wind speed, volume of rainfall) and the amount of loss calculated in a pre-agreed model caused by these events.
In the case of rainfall, losses are estimated using a model based on amount of rainfall (excess rainfall).
Hazard levels are then applied to pre-defined government exposure to produce a loss estimate.
Payout amounts increase with the level of modelled loss, up to a pre-defined coverage limit.
Therefore payouts can be made very quickly after a hazard event – and in the case of CCRIF, within 14 days after the event.
This is different from traditional insurance settlements that require an on-the-ground assessment of individual losses after an event before a payment can be made – a process that can often take months or even years.
The CCRIF payout will provide liquidity to the Government for immediate repairs and recovery efforts.
This payout to the Government of Trinidad & Tobago brings the total CCRIF payouts in 2017 to approximately US$61.5 million, which includes US$30.8 million for Hurricane Irma and US$23.6 million for Hurricane Maria.
Since the inception of the facility in 2007, CCRIF has made payouts totalling US$123.5 million to 12 member governments – all made within 14 days of the event.
This payout to Trinidad will bring total payouts to US$130 million. These monies usually represent the first injection of liquidity to countries affected by catastrophe events.
While CCRIF’s payouts are relatively small compared to the overwhelming cost of rebuilding, all recipient governments have expressed appreciation for the rapid infusion of liquidity, which they are able to use to address immediate priorities.
paid_influencer wrote:the local banking cartel has it easy.
other industries have to provide special services to the poor. A telecom provider is legally obligated to provide service in unprofitable areas if they want to do business. that is part of the trade-off to ensure the poor are not marginalized.
but the banks get away with charging a monthly account fee to a small man who might only have $100 to his name.
EFFECTIC DESIGNS wrote:Not exactly the water to swim and bathe in but he go live.
Everybody load up their garbage by the drain...smh. I hope the truck collects it before the next shower.matix wrote:After spending most of the day in greenvale and st Helena. I can safely say that we are ridiculously unprepared for any disaster. The single story homes in greenvale got it the worst. People lost everything, there’s simply nothing that can be recovered. St Helena is another story. Trinidadians are very strong and patient people. It’s sad to see the lack of effort by the necessary authorities but it’s encouraging to see every creed and race come together in times like this. Here’s some pictures from earlier in the day.
matix wrote:Nah ducks. Gave me a good laugh though After a rough day.
redmanjp wrote:ah mean come nuh man ppl! learn ah lesson fuh once!
Duane 3NE 2NR wrote:^ the flood did a better job at collecting garbage than the Borough Corporation!
It's disgusting how illiterate a government minister can behave. Insensitive and foolish statement about fake news.hydroep wrote:Jizzelle Baldwin (the diabetic lady who was stranded in a vehicle with her 4 children and husband) on CNC3 giving her story. 17 hours she had to wait, only getting the run around from ODPM and other government agencies. 3 sets of regular people tried to save her and was eventually rescued by one of them.
She f#cking up Stuarty good and proper...
not_a_monkey wrote:It's disgusting how illiterate a government minister can behave. Insensitive and foolish statement about fake news.hydroep wrote:Jizzelle Baldwin (the diabetic lady who was stranded in a vehicle with her 4 children and husband) on CNC3 giving her story. 17 hours she had to wait, only getting the run around from ODPM and other government agencies. 3 sets of regular people tried to save her and was eventually rescued by one of them.
She f#cking up Stuarty good and proper...
, grew up uppity uppity looking down on everybody, always figured he was ah besses from early- and the funny part- he aspires to be our PM one day- not kidding!No_Name wrote:Duane 3NE 2NR wrote:^ the flood did a better job at collecting garbage than the Borough Corporation!
Well said Duane...!!!
Basically it's like nature collected the garbage from diff areas & placed it in one, for our dumb, lazy backsides Corp / County Council / Cepep humans that just can't seem to get it right...
(notice ah didn't say workers in all instances ah, cause if yuh cya perform yuh Job-D to d best of yr ability, yuh iz just a wasteful pleb)...
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