Tropical Storm Tomas triggers $12.8 mln insurance payout

LONDON, Nov 1 (BestGrowthStock) – Tropical Storm Tomas has triggered
a $12.8 million hurricane coverage insurance payout in four
eastern Caribbean states, the Caribbean Catastrophe Risk
Insurance Facility (CCRIF) said.

The disaster pooling facility, launched several years ago
with the support of the World Bank and other donors, will pay
insurance losses to Barbados, Saint Lucia, St Vincent and the
Grenadines and Grenada.

Preliminary calculations based on CCRIF’s modeled losses
will see the facility pay out $8.5 million for Barbados, $3.2
million for Saint Lucia, and $1.1 million for St Vincent and the
Grenadines.

“Under the terms of CCRIF policies, a final loss and payout
calculation will be undertaken on 13 November, with the National
Hurricane Centre data available at that time used as input to
the loss models. Payouts will be made as soon thereafter as
possible,” CCRIF said in a statement.

Tomas remains an active storm and could further impact
CCRIF-covered countries, the facility said.

Tomas was downgraded to a tropical storm from a Category 1
hurricane, but the National Hurricane Center said it may regain
strength early this week as it passes south of the Dominican
Republic and Haiti, where more than one million survivors of a
Jan. 12 earthquake are living in sprawling tent camps.

As Tomas churned over the open Caribbean sea, officials
appealed to Haitians in tent camps to start evacuating,
encouraging them to travel to the homes of family or friends.

In January, CCRIF paid $8 million to Haiti after the
devastating earthquake triggered the country’s earthquake
coverage.

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Tropical Storm Tomas triggers $12.8 mln insurance payout