17 November 2010: The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that it has completed insurance payments to the Governments of Barbados, Saint Lucia, and Saint Vincent and the Grenadines following Tropical Cyclone Tomas.

Total payouts for the three countries were: Barbados, US$8,560,247; Saint Lucia, US$3,241,613; and Saint Vincent and the Grenadines, US$1,090,388. CCRIF was formed at the Caribbean Community’s (CARICOM’s) request for a cost-effective risk transfer programme for member governments. The insurance policies now form part of these countries’ disaster risk management frameworks. CCRIF is a not-for profit risk pooling facility, owned, operated and registered in the Caribbean for Caribbean governments. It was designed to limit the financial impact of catastrophic hurricanes and earthquakes on Caribbean governments by providing short-term liquidity quickly, when a policy is triggered.

According to CCRIF, 50% of the Tomas payouts were released on 7 November, seven days after the storm’s passage, to aid in urgent restoration of services and clearing of the affected areas. Barbados, Saint Lucia, and Saint Vincent and the Grenadines, together with 13 other Caribbean nations, have had catastrophe insurance for hurricanes and earthquakes with CCRIF since the inception of the Facility in 2007. [CCRIF website]