Countries in the Caribbean holidays market receive millions in insurance payouts due to Hurricane Thomas
The much-needed relief for Caribbean countries recently affected by the Hurricane Thomas came at the hands of the Caribbean Catastrophe Risk Insurance Facility who paid out large amounts to the island in excess of US $550 million.
Despite the destruction and unsettled environment that the recent Hurricane Thomas provoked on the Caribbean holidays industry, some good compensation is on the way for the Caribbean countries affected. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) on Wednesday said it had completed insurance payments for the damages caused Barbados holidays, St Lucia holidays and St Vincent and the Grenadines holidays following the passage of Hurricane Tomas late last month.
The CCRIF revealed during a press release that it had provided half of the funds owed to the three Caribbean islands affected on 7th November, seven days after the hurricane that caused widespread damage to St Lucia holidays and St Vincent holidays, where the authorities put the cost in excess of US$550 million.
The not-for-profit risk pooling facility, owned, operated by Caribbean governments and looking after the pristine conservation of Caribbean holidays, said that it has now paid Barbados US$8.3 million, St Lucia US$3.2 million and St Vincent and the Grenadines US$1.09 million.
"These countries -- along with 13 other Caribbean nations -- have had catastrophe insurance for hurricanes and the earthquakes with CCRIF since the inception of the Facility in 2007," said CCRIF, which was formed at the request of the Caribbean Community (CARICOM), which wanted a cost-effective risk transfer programme for member governments.
CCRIF was developed through funding from the Japanese government and was capitalised through contributions to a multi-donor Trust Fund by the government of Canada, the European Union, the World Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments.
Talk to a specialist
Call 020 7644 1770 to speak with our award-winning travel consultants.
Opening hours 09:00 - 19:00 GMT
Popular Holidays In Caribbean and Costa Rica Browse all
Relish the timeless charms of Cuba from the comfort of Cuba’s most cutting edge hotels
- Stay at two of Cuba’s most cutting edge hotels, bursting with modern comforts
- Explore Havana’s charismatic, timeless and bustling streets
- Relish an all-inclusive beach retreat, boasting an overabundance of facilities
Ideal for trendy couples - stay at a chic and sleek hotel in the heart of vibrant Havana and then Stay next to Cuba's famous Varadero beach
- Blau Varadero offers something for everyone with as little or as much as you want to do on offer including a spa
- Exclusive Couples offer - Welcome Cocktail, 1 hour free Wifi Access in Havana plus a bottle of wine on arrival, 30-minute massage and a Romantic Dinner in Varadero
- Be swept away by the amazing views of Havana from Capri's rooftop pool
Discover the relaxing Varadero and sink into sublim tranquillity
- Experience the beauty of Varadero Beach where you can relax and unwind on the tranquil white sandy beaches whilst enjoying the 24-hrs All-inclusive offered at the Luxurious Iberostar Varadero
- Stay in Havana's most highly rated hotel, with an iconic location facing Central Park
- Discover Cuba whilst staying at the 2 Top rated TripAdvisor hotels in Cuba
Combine colourful and vibrant Havana with a relaxing beach holiday in an award winning resort on the shores of Varadero
- Book early and benifit from huge early bird summer discounts!
- Discover Havana by day visit the historial sites and by night you can listen to live music or dance to the Salsa beat
- Enjoy complimentary pool-based dive courses on offer for beginners and experience one free daily dive at the Royalton Hicacos
- Three freshwater pools including four whirlpools and signature swim-up pool bar at Royalton Hicacos ensure an unforgettable holiday
Combine exploring the old dimes of Havana with a refreshing beach retreat in Vardero on an unforgettable twin centre...
If you want to really feel Cuba's beating heart and pulsating rhythms, this is one of the best for an unforgettable...
Discover the cultural and historical treasures of Havana as you're treated to 5-star service at the Iberostar Parque...
Create unforgettable memories at the heart of Barbados' western coast at a collection of one bedroom apartments. Halcyon...
An intimate collection of One Bedroom Apartments located in the heart of the West Coast of Barbados. Travellers Palm...
Beautifully perched on the panoramic Mensura Hill, surrounded by striking greenery, this blessed and secluded natural...