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| Turks and Caicos Premier Michael Misick (third from right) accepts the US$6.3 million cheque from Dr Simon Young of the CCRIF, three weeks after the country was devastated by the impact of Hurricane Ike. Other Ministers also attended the handing over. | |
GRAND TURK, Turks and Caicos Islands, October 8, 2008 - The Turks and Caicos government has received a US$6.3 million payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF), just weeks after some of the islands were devastated by Hurricane Ike.
The payout is the full claim due to the government on their 2008 hurricane policy issued by the CCRIF.
"The government of the Turks and Caicos Islands is thankful for the quick payout made by the CCRIF. We look forward to the continued support of the Facility and its member governments, many of which have also pledged to assist in our redevelopment," Premier Michael Misick said after receiving the money.
Dr Simon Young, Chief Executive Officer (CEO) of CaribRM, the facility supervisor of the CCRIF, said the goal has always been to assist member governments in the short-term after a catastrophic natural disaster.
"So we are pleased to contribute to the recovery and redevelopment of Turks and Caicos through this payout," he said.
The 130 mile per hour winds of Hurricane Ike, which battered the country just a week after Tropical Storm Hanna drenched it with heavy rains, damaged about 85 per cent of homes in Grand Turk and also severely impacted Salt Cay and South Caicos. Other islands throughout the rest of the chain fared much better.
The CCRIF is the first multi-country risk pool in the world, and is also the first insurance instrument to successfully develop a parametric policy backed by both traditional and capital markets. It is a regional insurance fund for Caribbean governments designed to limit the financial impact of catastrophic hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.
Last year, the CCRIF paid out US$1 million to Dominica and St Lucia in the aftermath of the November 2007 earthquake that shook the Eastern Caribbean.
Photo Caption:
Turks and Caicos Premier Michael Misick (third from right) accepts the US$6.3 million cheque from Dr Simon Young of the CCRIF, three weeks after the country was devastated by the impact of Hurricane Ike. Other Ministers also attended the handing over.
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