CCRIF makes donation to Jamaica following Hurricane Sandy damage
KINGSTON, Jamaica, CMC - The Caribbean Catastrophe Risk Insurance Facility (CCRIF) says it is providing US$100,000 to Jamaica to support the island’s post-disaster recovery and restoration initiatives following the effects of Hurricane Sandy in October 2012. In a statement, the CCRIF, which is a not-for-profit risk pooling facility, owned, operated by Caribbean governments, said Jamaica’s hurricane policy with CCRIF did not trigger after Hurricane Sandy because losses were below the policy’s attachment point or “deductible”. CCRIF chief executive officer Isaac Anthony said that “when a CCRIF policy is triggered it usually represents severe impacts with much death and destruction, because risk transfer represents that component of a country’s disaster strategy that comes into play when losses are so extreme that usual national budgets are not able to address the extent of losses”.
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