Trinidad to receive $7m CCRIF payout

Trinidad & Tobago is to receive its first payout from the Caribbean Catastrophe Risk Insurance Facility. Having been a member of CCRIF since 2007, the facility’s first policy year, Trinidad & Tobago is now set to receive a payout of just over $7m on its excess rainfall policy following a period of heavy rainfall between October 18 and 20. CCRIF said the payment will be made to the government within 14 days of the end of the event, as is its policy. Trinidad and Tobago’s government purchased two separate excess rainfall policies this year – one for Trinidad and one for Tobago. The policy for Trinidad was triggered by the event. This year was the first in which Trinidad and Tobago has purchased excess rainfall cover, with the country having previously purchased policies for tropical cyclone and earthquake since 2007.