Grenada renews CCRIF coverage after record Beryl payout
By Henry Gale
June 25 - (The Insurer) - The government of Grenada said on Tuesday it had renewed its parametric insurance coverage with CCRIF SPC, having received the regional risk pool's largest payout on record last year.
Grenada's government said it had paid $1,827,718 plus applicable fees to secure tropical cyclone, earthquake, excess rainfall and fisheries coverage.
Grenada joined CCRIF SPC, then the Caribbean Catastrophe Risk Insurance Facility, at its inception in 2007, but received its first payout last year after July's Hurricane Beryl triggered its tropical cyclone, excess rainfall and fisheries coverage. The total amount paid was more than $44 million, with the $42.4 million tropical cyclone payout becoming the regional risk pool's largest ever payout.
In a statement, the government said funds from its 2024 payout "were used for recovery efforts, including immediate repairs to public infrastructure, schools, hospitals and homes, as well as for the distribution of essential supplies such as food, water and medicine".
It added that the funds "significantly supported recovery efforts in Carriacou, Petite Martinique and northern Grenada, where over 90% of buildings were damaged".
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