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CCRIF Scholarship Application Deadline Extended to June 4 2017

FAQ

Does CCRIF make payouts for accumulated rainfall?

The risk modelling for CCRIF does not include rainfall over land as a factor that can contribute to loss. It is well known that this can be a very big factor but rainfall impacts and flooding are extremely difficult phenomena to model if there is not a very extensive rain gauge network or stream flow network or if the vulnerability of the infrastructure that is at risk from flooding is not known.

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Governments and CCRIF should consider that rainfall tends to cause more infrastructural damage than wind.

This is an issue that has been of priority to CCRIF since its inception as we recognise that rainfall can also inflict severe damage on our member countries. The difficulty in developing a rainfall product has been largely due to the lack of data on rainfall events and impacts within the region. See answer to Question #5 above.

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What factors led to a payout of ~US$8.5M dollars to Barbados as compared to US$3.2M for Saint Lucia after Hurricane Tomas?

Although there was some concern expressed about the significantly lower payout received by the Government of Saint Lucia relative to their losses and in comparison to the payout received by the Government of Barbados, it is important to indicate that in the case of Saint Lucia, most of the damage which occurred was a result of the heavy rainfall and secondary induced hazards such as landslides. Neither rainfall nor landslides are included in the current CCRIF Tropical Cyclone coverage and are not included in the pricing provided to countries for coverage.

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What is the catastrophic trigger which generates a payout for a hurricane or earthquake?

The trigger level is dependent on the coverage purchased by individual countries. Member governments may purchase coverage which triggers for a ‘one-in-15-year’ hurricane and a ‘one-in-20-year’ earthquake, with maximum coverage of US$100M available for each peril. The cost of coverage is a direct function of the amount of risk being transferred, ensuring no cross-subsidisation of premiums and a level playing field for all participants.

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