Jamaica is set to benefit from an approximately US $16.3 million payout from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl triggered its parametric tropical cyclone insurance policy.
The country’s Minister of Finance Dr. Nigel Clarke explained that the CCRIF event report has been delivered, indicating that major hurricane Beryl breached the parameters of its disaster insurance contract with the facility.
“I have received the Preliminary Modelled Loss and Policy Payment Report from the Caribbean Catastrophe Risk Insurance Facility (“CCRIF”) in respect of Tropical Cyclone Beryl,” Clarke explained.
The event report communicated that, “The GOJ’s Tropical Cyclone policy with the CCRIF has been triggered with a payment amount of approx US$16.3 million or approx. J$2.5 billion,” Clarke said.
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