|
Event |
Country Affected |
Payouts (US$) |
|---|---|---|
|
Earthquake, 29 November 2007 |
Dominica |
528,021 |
|
Saint Lucia |
418,976 |
|
|
Tropical Cyclone Ike, September 2008 |
Turks and Caicos Islands |
6,303,913 |
|
Earthquake, 12 January 2010 |
Haiti |
7,753,579 |
|
Tropical Cyclone Earl, August 2010 |
Anguilla |
4,282,733 |
|
Tropical Cyclone Tomas, October 2010 |
Barbados |
8,560,247 |
|
Saint Lucia |
3,241,613 |
|
|
St Vincent & the Grenadines |
1,090,388 |
|
|
Tropical Cyclone Gonzalo, October 2014 |
Excess Rainfall Policy - Anguilla | 493,465 |
|
Trough System, 7-8 November 2014
|
Anguilla | 559,249 |
| St. Kitts & Nevis | 1,055,408 | |
|
Trough System, 21 November 2014 |
Barbados | 1,284,882 |
|
Tropical Storm Erika, 27 August 2015 |
Excess Rainfall policy - Dominica | 2,402,153 |
|
Earthquake, June 9, 2016 |
Nicaragua | 500,000 |
|
Tropical Cyclone Earl, August 2016 |
Excess Rainfall policy - Belize | 261,073 |
|
Tropical Cyclone Matthew, September 2016 |
Barbados |
975,000 |
Excess Rainfall policy - Barbados |
753,277 | |
Excess Rainfall policy - Saint Lucia |
3,781,788 | |
Excess Rainfall policy - St. Vincent & the Grenadines |
285,349 | |
| Tropical Cyclone Matthew, October 2016 |
Haiti |
20,388,067 |
|
Excess Rainfall policy - Haiti |
3,020,767 | |
|
Tropical Cyclone Otto, November 2016 |
Nicaragua | 1,110,193 |
|
Tropical Cyclone Irma, September 2017
|
St. Kitts and Nevis |
2,294,603 |
Anguilla |
6,529,100 | |
Excess Rainfall policy - Anguilla |
158,823 | |
Antigua & Barbuda |
6,794,875 | |
Turks & Caicos Islands |
13,631,865 | |
|
Excess Rainfall policy - Turks & Caicos Islands |
1,232,769 | |
Excess Rainfall policy - The Bahamas |
163,598 | |
|
Tropical Cyclone Maria, September 2017
|
Dominica |
19,294,800 |
Excess Rainfall policy - Dominica |
1,054,022 | |
Excess Rainfall policy - Saint Lucia |
671,013 | |
Turks & Caicos islands |
419,372 | |
Excess Rainfall policy - Barbados |
1,917,506 | |
Excess Rainfall policy - St. Vincent & the Grenadines |
247,257 | |
|
Rainfall event, October 18-20 2017 |
Excess Rainfall policy - Trinidad | 7,007,886 |
Tropical Storm Kirk, October 2018 |
Excess Rainfall policy - Barbados | 5,813,299 |
Rainfall event, October 18-20 2018 |
Excess Rainfall policy - Trinidad | 2,534,550 |
| Tropical Cyclone Dorian, September 2019 | Tropical Cyclone policy - The Bahamas |
11,527,151 |
Excess Rainfall policy - The Bahamas |
1,297,002 | |
Tropical Cyclone Karen, October 2019 |
Excess Rainfall policy - Tobago | 362,982 |
Tropical Cyclone Amanda/Cristobal, May/June 2020 |
Excess Rainfall policy - Belize | 203,136 |
Tropical Cyclone Amanda/Cristobal, May/June 2020 |
Excess Rainfall policy - Guatemala | 3,628,013 |
Tropical Cyclone Laura, August 2020 |
Excess Rainfall policy - Haiti | 7,163,958 |
Rainfall Event, August 31 - September 2, 2020 |
Excess Rainfall policy - Tobago | 176,146 |
Tropical Cyclone Zeta/Eta, October/November 2020 |
Excess Rainfall policy - Jamaica | 3,500,000 |
| Tropical Cyclone Eta, November 2020 |
Excess Rainfall policy - Panama |
2,670,556 |
Tropical Cyclone Eta, November 2020 |
Tropical Cyclone policy - Nicaragua | 7,793,524 |
Tropical Cyclone Eta, November 2020 |
Excess Rainfall policy - Nicaragua | 2,956,021 |
Tropical Cyclone Iota, November 2020 |
Tropical Cyclone policy - Nicaragua | 19,891,162 |
Tropical Cyclone Elsa, July 2021 |
Tropical Cyclone policy - Barbados | 1,345,500 |
Tropical Cyclone Elsa, July 2021 |
Excess Rainfall policy - Barbados | 1,124,424 |
| Earthquake, August 14, 2021 |
Haiti |
39,953,272 |
| Rainfall Event, August 18 - 20, 2021 |
Excess Rainfall policy - Trinidad |
2,381,464 |
| Rainfall Event, September 17-19, 2022 |
Excess Rainfall policy - Antigua & Barbuda |
420,645 |
| Rainfall Event, October 5 - 8, 2022 |
Excess Rainfall policy - Trinidad |
5,115,782 |
| Rainfall Event, October 5 - 8, 2022 |
Excess Rainfall policy - Tobago |
726,932 |
| Tropical Cyclone Julia, October 8, 2022 |
Nicaragua |
8,924,577 |
| Rainfall event, November 26-28, 2022 |
Excess Rainfall policy - Trinidad |
1,400,000 |
| Tropical Cyclone Lisa, November 2022 |
Belize |
455,000 |
| Tropical Cyclone Phillippe, October 2023 |
Excess Rainfall policy - Antigua & Barbuda |
2,880,424 |
| Tropical Cyclone Phillippe, October 2023 | Excess Rainfall policy - British Virgin Islands | 552,297 |
|
Tropical Cyclone Tammy, November 2023 |
Excess Rainfall policy - St. Kitts & Nevis | 1,509,804 |
|
Earthquake, December 9, 2023 |
British Virgin Islands | 849,374 |
|
Rainfall event, June 13 - 19, 2024 |
Excess Rainfall - Guatemala | 6,376,184 |
|
Tropical Cyclone Beryl, July 2024 |
St. Vincent & the Grenadines | 1,862,728 |
|
Tropical Cyclone Beryl, July 2024 |
Grenada | 42,425,110 |
|
Tropical Cyclone Beryl, July 2024 |
Excess Rainfall - Grenada | 548,850 |
|
Tropical Cyclone Beryl, July 2024 |
COAST - Grenada | 1,066,667 |
|
Tropical Cyclone Beryl, July 2024 |
Electric Utilities - GRENLEC - Grenada | 9,323,276 |
|
Tropical Cyclone Beryl, July 2024 |
CWUIC - NAWASA - Grenada | 2,201,833 |
|
Tropical Cyclone Beryl, July 2024 |
Tobago | 372,752 |
|
Tropical Cyclone Beryl, July 2024 |
Jamaica | 16,309,185 |
|
Tropical Cyclone Beryl, July 2024 |
Excess Rainfall - Jamaica | 10,278,754 |
| Tropical Cyclone Beryl, July 2024 | Cayman Turtle Conservation and Education Centre | 119,474 |
|
Rainfall event, October 31 – November 4, 2024 |
Excess Rainfall - Panama | 7,599,765 |
|
Rainfall event, October 31 – November 4, 2024 |
Excess Rainfall - Panama (FAP) | 19,100,504 |
|
Rainfall event, November 14 - 19, 2024 |
Excess Rainfall - Honduras | 4,665,090 |
|
Total for the period June 2007 - November 2024 |
|
389,874,797 |
|
Total for Tropical Cyclone policy |
205,487,932 | |
|
Total for Earthquake policy |
50,003,222 | |
|
Total for Excess Rainfall policy |
121,791,867 | |
|
Total for COAST (fisheries) |
1,066,667 | |
Total for Electric Utilities |
9,323,276 | |
|
Total for CWUIC (water utilities) |
2,201,833 | |
| Total for Tourist Attraction | 119,474 | |
Total for TC/EQ ADC |
4,064,384 |
Payments Under the TC/EQ Aggregated Deductible Cover (ADC)
| Event | Country | Payments (US$) |
|
Tropical Cyclone Irma, September 2017 |
Haiti | 162,000 |
| The Bahamas | 234,000 | |
|
Tropical Cyclone Maria, September 2017 |
Saint Lucia | 123,750 |
| Anguilla | 29,250 | |
| Antigua & Barbuda | 32,400 | |
| St. Kitts & Nevis | 27,150 | |
Earthquake, October 7, 2018 |
Haiti | 91,438 |
| Tropical Cyclone Dorian, August 2019 | Barbados | 123,500 |
| British Virgin Islands | 47,500 | |
| St. Kitts and Nevis | 32,168 | |
| Saint Lucia | 130,625 | |
| St. Vincent and Grenadines | 17,613 | |
| Tropical Cyclone Isaias, August 2020 | Haiti | 290,925 |
| The Bahamas South East | 27,499 | |
| The Bahamas Central | 8,603 | |
| The Bahamas North West | 270,900 | |
| Tropical Cyclone Laura, August 2020 | Antigua & Barbuda | 70,257 |
| St. Kitts and Nevis | 32,168 | |
| Haiti | 290,925 | |
Tropical Cyclone Nana, September 2020 |
Belize | 35,000 |
| Tropical Cyclone Elsa, July 2021 | Haiti | 343,055 |
| St. Vincent & the Grenadines | 48,988 | |
| Saint Lucia | 136,469 | |
| Tropical Cyclone Fiona, September 2022 | Turks & Caicos Islands | 668,857 |
| Tropical Cyclone Lisa, November 2022 | Belize | 53,570 |
| Tropical Cyclone Tammy, October 2023 | Antigua & Barbuda | 139,794 |
| Tropical Cyclone Beryl, July 2024 | Trinidad | 56,502 |
| Tropical Cyclone Beryl, July 2024 | Cayman Islands | 539,568 |
| Total ADC | 4,064,384 | |
| TC ADC | 3,972,946 | |
| EQ ADC | 91,438 |
The Aggregate Deductible Cover (ADC)
What is the ADC?
The ADC is a special feature of CCRIF’s tropical cyclone (TC) and earthquake (EQ) parametric insurance policies. The ADC was designed to potentially provide a payment for TC and EQ events that are objectively not sufficient to trigger the country’s main policy because the modelled loss is below the policy attachment point (which is similar to a deductible). The ADC also helps to address the issue of basis risk which is an inherent feature of parametric insurance in which some hazard events are missed by the models underpinning the policies. In this case, the ADC is able to reduce the probability of a missed payment when there may be losses on the ground but the country’s parametric insurance policy is not triggered.
When was the ADC Launched?
In 2017, CCRIF launched the ADC feature for its tropical cyclone and earthquake policies, which it provided at no cost to members to commemorate the Facility’s 10th anniversary. Since the launch of this feature, CCRIF has continued to provide it to members at no cost except for one policy year when members were offered a 50 per cent discount on the cost of the feature.
How are ADC payments calculated?
An ADC payment is made if the modelled loss is between 50% and 99% of the attachment point OR if it is between 10% and 49% of the attachment point and a Disaster Alert from the ReliefWeb website is issued for the event for that country.
What is the maximum payout a country can receive under the ADC?
The maximum ADC payment a country can receive after an event is the net premium paid for the TC or EQ policy by that country.