$1.7M payout for Tropical Storm Matthew
Barbados is in line to receive a $1.7 million insurance payout, even though it suffered minimal damage from Tropical Storm Matthew.
The Cayman-based CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced it is preparing to make the payment to Government.
Barbados will receive US$975,000 under its Tropical Cyclone Policy and an additional $753,277 under its Excess Rainfall Policy.
The payout will be made on October 19, and according to the CCRIF SPC, it is the fourth to be made to Barbados, which was previously impacted by the passage of Tropical Storm Tomas in 2010 as well as a trough system in November 2014.
Last month, the centre of Matthew passed over Barbados, resulting in fallen trees, isolated flooding, power outages and water disruption in some parts of the island.
Acting Prime Minister Richard Sealy, in a press conference that was broadcast live on radio and television the morning after the storm’s passage on September 28, had said it was too early to place a dollar value on the damage.
“Events of this nature all too often see tragedy reaching households and, mercifully, we have not had that to deal with. A damaged roof can always be repaired but of course a life cannot be replaced,” he said at the time.
Barbados’ neighbours, St Vincent, Dominican Republic and Haiti were not so fortunate. In addition to damage from Matthew, which developed into a monster hurricane after passing Barbados, there was also loss of life in each of these countries.
Hurricane Matthew made landfall in Haiti on October 4 as a powerful Category 4 Hurricane.
More than 900 people died when the hurricane hit and up to 90 per cent of some areas of southern Haiti are thought to have been destroyed.
A United Nations representative to Haiti, Mourad Wahba, said the country was facing its largest humanitarian crisis since the earthquake in 2010 left more than 200,000 dead and tens of thousands living in tents and makeshift dwellings.
The coast was badly hit in the areas of Grande Anse, Port-Salut and Port-à-Piment with 1,243,000 people (including 522,000 children) affected. Les Cayes was totally flooded. Initial estimates suggested that four million children in Haiti would be directly affected by the storm.
CCRIF SPC said Haiti would receive US$23.4 million – the largest payment it has ever made. Overall, the fund is due to pay out US$29.2 million as a result of Matthew’s passage. The figure includes US$3.7 million to St Lucia and $285,349 to St Vincent & the Grenadines under its Excess Rainfall policy.