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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.

Countries in the Caribbean holidays market receive millions in insurance payouts due to Hurricane Thomas

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.

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