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Member, Beacon International Group, Ltd.
GRAND CAYMAN, Cayman Islands—The Caribbean Catastrophe Risk Insurance Facility was not triggered by Hurricane Irene despite losses being experienced in six of its member countries.
The 16-member risk pooling facility, which offers catastrophe insurance coverage to Caribbean governments, said that while Anguilla, Antigua and Barbuda, the Bahamas, Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands had experienced damage, none of the insurance policies it underwrites had been triggered.
“Early damage reports indicate low to moderate impacts except for some southern and eastern islands in the Bahamas, which lay directly in Irene's path,” the CCRIF said in a statement.
The CCRIF said that “significant damage” had been sustained in some of the smaller islands of the Bahamas, and added that it had contacted the government to see if there are ways it can assist the recovery.
It noted that critical tourism infrastructure had not been badly affected by the storm.
Last week, Boston-based catastrophe modeler AIR Worldwide Corp. said Hurricane Irene likely caused between $500 million and $1.1 billion in insured losses in the Caribbean.
Hurricane Irene passed through the Caribbean last week and made landfall in the United States on Saturday.
BOSTON—Hurricane Irene caused an estimated $500 million to $1.1 billion in insured losses in the Caribbean, catastrophe modeler AIR Worldwide Corp. said Friday.