Turks and Caicos Islands: Hurricane Ike triggers CCRIF's first hurricane payout

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is set to make a payout of approximately US$6.3 million to the government of the Turks and Caicos Islands, within the terms of that country's hurricane policy which was purchased at the start of the 2008 Atlantic Hurricane season. The funds will boost recovery efforts following the passage of Hurricane Ike, which hit the southern islands of the chain as a Category 4 storm early Sunday morning with major impact in Grand Turk, the seat of government.

The CCRIF is the first multi-country risk pool in the world, and is also the first insurance instrument to successfully develop a parametric policy backed by both traditional and capital markets. It is a regional insurance fund for Caribbean governments designed to limit the financial impact of catastrophic hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.