Wednesday 27 May, 2020

Gov't seeks flood funding from Catastrophe Insurance Policy

The Government is seeking funding from the Caribbean Catastrophe Risk Insurance Facility to cover the costs of disaster relief and other issues arising from the massive flooding over the weekend.

In a release, the Minister of Finance said that on Saturday, October 20, contact was made with CCRIF SPC.

"The Ministry of Finance has a catastrophe insurance policy with CCRIF, to cater for damage to physical infrastructure, the cost of clean-up and rescue operations, and funding for disaster relief for citizens and residents of Trinidad and Tobago," the release said.
CCRIF is a regional catastrophe fund for Caribbean governments, designed primarily to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial support when a policy is triggered.  
The Ministry of Finance said, however, in fiscal 2017, it paid an additional premium to include coverage for damage caused by excessive rainfall for the 2017/2018 period. The excessive rainfall policy was renewed a few months ago for the 2018/2019 period. 
"CCRIF was advised on Saturday that Trinidad and Tobago was experiencing unusually heavy rainfall and suffering from severe flooding. Urgent disbursement of funds was requested from this country's excessive rainfall insurance policy with CCRIF," the release said.

The amount requested was not disclosed.

On Saturday, Prime Minister Dr Keith Rowley said he would go to Cabinet this week for the approval of $25 million to cover the costs needed at this time.
The Ministry said while excessive rainfall claim with CCRIF is being processed, it is making internal arrangements to ensure that Regional Corporations, the Defence Force and Protective Services, the relevant Ministries with responsibility for disaster management, social services and healthcare, inter alia, ODPM and other Relief Agencies are suitably funded, as a priority, so citizens directly affected will receive the help they so urgently need. 

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