Grand Cayman – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has provided financial support in the form of a grant of US$2,209,000 approximately EC$6.0 million to the Government of St. Vincent and the Grenadines following the eruption of the La Soufrière Volcano.
According to CCRIF CEO, Isaac Anthony: “This support to the Government has been made possible because CCRIF operates as a developmental insurance company, whereby our members have our commitment to support them in times of crises; seek out opportunities to enable them to enhance their resilience to current and future natural hazards; engage donors and collaborate on programmes designed to reduce vulnerability; negotiate the best prices for reinsurance, and advance disaster risk management and ecosystems-based solutions for the betterment of the peoples of the Caribbean and Central America in keeping with Agenda 2030 and the thrust to leave no one behind.”
CCRIF said that this support will provide much-needed liquidity to respond to the ongoing relief and recovery efforts in St. Vincent and the Grenadines.
Although CCRIF does not currently offer cover for volcanic eruptions it believes that as the dedicated disaster risk financing facility in the region, it has a moral obligation to respond as best as possible to the needs of its members when confronted with such dire circumstances.
St. Vincent and the Grenadines has been a member of CCRIF since the inception of the Facility in 2007.
