Trinidad & Tobago Gets US$2.5 Million Payout After Rains Cause Massive Flooding
PORT OF SPAIN, Trinidad, Tuesday November 6, 2018 – Following heavy rains last month that caused widespread flood, Trinidad and Tobago has received a US$2,534,550 payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) under its excess rainfall policy
Three days of torrential rains, from October 19, resulted in widespread flooding mainly in eastern and central Trinidad.
Rivers overflowed their banks, vehicles were left underwater and some homes were extensively flooded.
As a result of an excess rainfall policy which it purchased last year when it joined the CCRIF, the Trinidad and Tobago government was able to get the US$2.5 million payout.
Payments are made based on the intensity of an event – in this case the volume and distribution of rainfall – and the amount of loss caused by the event.
This payout to the government of Trinidad and Tobago brings the total CCRIF payouts to date to almost US$139 million to 13 member governments – all made within 14 days of the event.
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