CCRIF SPC to pay Trinidad and Tobago $1.4 million under rainfall endorsement

By Rebecca Delaney

June 30 - (The Insurer) - CCRIF SPC is set to pay out $1.4 million to the government of Trinidad and Tobago under its wet season trigger for multiple rainfall events.

The wet season policy endorsement was introduced by CCRIF SPC for the 2023-24 policy year to address basis risk by providing cover for events that cause some level of damage but do not meet the triggers for the main excess rainfall policy.

It provides a predetermined payout for rainfall events that occur amid already saturated soil conditions, designed to address the subsequent heightened risk of flooding and landslides.

The imminent payout was announced by Isaac Anthony, CEO of CCRIF SPC, at CelsiusPro Group's event on Friday as part of London Climate Action Week.

"One of the phenomenons that we saw, attributed to climate change, is a number of significant rainfall events, not necessarily significant on their own to trigger the model, but when you look at those rainfall events in totality, the impact is huge because you see significant inundation," he told attendees at Mansion House.

Anthony continued: "This particular feature that we've added, what we call the wet season trigger, is actually producing payoffs to countries We are obviously very excited about it, but of course we're looking to do more."

CCRIF SPC made a payment of $805,794 to the government of Belize under the wet season trigger in December 2024, following rainfall associated with Tropical Storm Sara.

The regional risk pool, formerly the Caribbean Catastrophe Risk Insurance Facility, also introduced a localised event trigger for extreme localised rainfall events for the 2023-24 policy year.

Most recently, CCRIF SPC said it plans to offer parametric coverage for fluvial flood risk to the governments of Guyana and Suriname for the 2025-26 policy year.