Caribbean

Hurricane Ike triggers pool payment

Turks and Caicos has received a US$6.3mn payment from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) following losses caused by Hurricane Ike in September this year. The payment is the first time that the insurance policy has been triggered by a hurricane loss. The Turks and Caicos government is one of several Caribbean countries to sign up to the new risk-pooling facility and the payment meets the Turks and Caicos government’s full claim from the hurricane. Although the Caribbean has been affected by a series of hurricanes during the 2008 storm season, the single event losses, other than Hurricane Ike in Turks and Caicos, have not been enough to trigger the scheme. Last year the CCRIF paid US$1m to Dominica and St Lucia following an earthquake that affected the region in November last year.