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CCRIF holds board meeting in Bermuda

CCRIF SPC in town: pictured, from left, are Faye Hardy and Saundra Bailey, members of the board of directors; Timothy Antoine, chairman; Desirée Cherebin, vice-chairwoman; Isaac Anthony, chief executive officer (Photograph supplied)

Representatives of the world’s first multi-country risk pool held their quarterly board meeting in Bermuda.

The meeting of the not-for-profit CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, provided an opportunity to discuss issues related to Bermuda’s CCRIF catastrophe insurance coverage.

Bermuda is a founding member of the CCRIF and one of its original donors.

Established in 2007, CCRIF provides tropical cyclone, earthquake and excess rainfall insurance to its members. Since its inception, CCRIF has made 38 payouts totalling approximately $139 million to 13 member governments — including payouts totalling almost $55 million to nine members after tropical cyclones Irma and Maria in 2017. All CCRIF payments were made within 14 days of the event, the organisation says.

Currently, there are 21 members, with four countries joining during the 2018-19 policy year.

Members of the facility are: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, Montserrat, Nicaragua, Panama, St Kitts & Nevis, Saint Lucia, Sint Maarten, St Vincent & the Grenadines, Trinidad & Tobago and Turks & Caicos Islands.