Grand Cayman, Cayman Islands, October 27, 2014 (CCRIF) - CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is preparing to make a payout of approximately half a million US dollars to the Government of Anguilla under its excess rainfall insurance policy, as a result of heavy rains that affected the country during Hurricane Gonzalo. Gonzalo passed directly over Anguilla as a Category 1 hurricane on 13 October 2014, leaving behind flood-damaged buildings and communities in its wake. Reports from the National Emergency Operations Centre indicated that there was flooding at the Clayton J. Lloyd International Airport and the Public Library and other areas in 3 of the 14 districts.
Grand Cayman, 1 July 2010 – All sixteen members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June – the start of the hurricane season. The National Oceanic and Atmospheric Administration forecast estimates an 85% chance of an above normal hurricane season this year. This could have serious implications for Caribbean islands and potential losses, especially given the poor economic conditions still affecting the region. This therefore makes the need for CCRIF even stronger.