CCRIF makes payout to Trinidad and Tobago after October rains

For the second year in a row, Trinidad  and Tobago has received a payout on its Excess Rainfall policy following a period of heavy rainfall in October, CCRIF SPC has announced.

The Government received a payout of US$2,534,550 (approximately TT$17 million) due to heavy rains between October 18 and 20 2018.

Trinidad and Tobago has been a member of CCRIF since 2007 and has purchased CCRIF policies for tropical cyclones and earthquakes every year since then.

Starting in 2017, the Government began purchasing coverage for Excess Rainfall (XSR) and has two separate XSR policies in place – one for Trinidad and one for Tobago.

Since purchasing its first excess rainfall policy in 2017, the Government has received two payouts totaling approximately US$9.5 million (TT$64 million)…

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