Grenada Receives A US$44 Million Hurricane Beryl Payout From CCRIF SPC, A Cayman Islands Registered Insurer. The Cayman Government Will Also Assist.
Hurricane Beryl Damage In Carriacou, Grenada (Source: WXChasing, YouTube)
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By Alric Lindsay
According to the Caribbean Catastrophe Risk Insurance Facility, CCRIF SPC, a Class B Insurer registered with the Cayman Islands Monetary Authority, Grenada’s government will receive just over $44 million for damage caused by wind, storm surge and rainfall from Hurricane Beryl.
The breakdown of the payment is as follows:
Explaining the way insurance payments are made, CCRIF said:
CCRIF currently offers 6 parametric insurance products – for tropical cyclones, excess rainfall, earthquakes, and the fisheries, electric utilities and water utilities sectors.
CCRIF’s parametric insurance policies make payments based on the intensity of an event and the amount of loss calculated in a pre-agreed model caused by these events.
The payout to Grenada on its tropical cyclone (TC) policy is the single largest payout by CCRIF.
Until now, Haiti had the single largest payout from CCRIF, having received just under US$40 million, following the 2021 earthquake.
CCRIF’s Grenada payout for Beryl and the additional Beryl payouts over the next couple of days will bring CCRIF’s total amount paid out to US$350 million since its beginnings in 2017 for various catastrophes.
The Cayman Islands Government is also “pledging approximately CI$1 million dollars in financial and tangible aid to regional neighbours impacted by Hurricane Beryl,” including Grenada.
Regarding this, Cayman’s Premier Julianna O’Connor-Connolly “will lead a relief mission to Grenada, and St. Vincent and the Grenadines on Tuesday, 16 July 2024” when “Premier O’Connor-Connolly and a delegation of Members of Parliament, personnel from Hazard Management Cayman Islands and other government officials will deliver much-needed supplies to the countries.”
A press release from the Cayman Islands Government dated today, July 12, 2024, describing the trip, added:
The in-kind donation includes essentials such as tarpaulins, air mattresses, dry food, personal and feminine hygiene products and first aid kits.
The delegation and supplies will travel via the national flag carrier, Cayman Airways, on a special charter flight early Tuesday morning and return later that evening.”
A previous statement from the Office of the Primer Minister of Grenada further indicated that Grenadians would be given jobs in the Cayman Islands. However, this statement was later retracted.
