Govt looking to CCRIF to deal with Isaias financial fallout

The government will look to the Caribbean Catastrophe Risk Insurance Facility’s (CCRIF) excess rainfall coverage to deal with some of the financial fallout that could come from Hurricane Isaias, Deputy Prime Minister and Minister of Finance Peter Turnquest told Guardian Business yesterday.

Turnquest, who is also the member of Parliament for East Grand Bahama, said there was flooding in some areas of Grand Bahama and minimal wind damage, “for which we are grateful”.

Turnquest explained that with CCRIF’s coverage, the country is entitled to a payout once rainfall exceeds the threshold spelled out in the country’s risk profile.

The Bahamas’ policy with CCRIF splits the country into three regions, where storm impact is considered separately.

“All regions would be considered individually in accordance with the policy,” Turnquest said.

“While there was isolated flooding in some communities in the Lucaya area, generally the community seemed to have fared relatively well. We do have some reports of leaky roofs in some areas that have contributed to additional internal damage to some homes regrettably, but not widespread.

“Considering all that was at risk, we are grateful.”

Turnquest said, though, that the temporary clinic in High Rock and a temporary church were lost, while there was some damage to some structures in the east, though he said there was no structural damage reported.

“The High Rock community’s front road was washed out again,” said Turnquest.

“We will need to design a temporary solution to protect this infrastructure.”

After Hurricane Dorian last September, CCRIF paid out almost $13 million to The Bahamas to assist with the recovery of Abaco and Grand Bahama, the hardest hit islands.

Hurricane Dorian had a more than $3 billion impact on The Bahamas and the impact of COVID-19 months later, coupled with the fallout from the storm, continues to threaten the country’s economy.

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source https://thenassauguardian.com/2020/08/04/govt-looking-to-ccrif-to-deal-with-isaias-financial-fallout/