Caribbean Catastrophe Risk Insurance Facility (CCRIF)
As of September 2018, the Government of Sint Maarten has become a member of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and is insured for damages resulting from earthquakes, tropical cyclones, and excess rainfall.
Sint Maarten’s participation in CCRIF is initially financed (2018-2023) through the Emergency Recovery Project (ERP-1) and will subsequently be paid for through Sint Maarten’s annual budget. CCRIF is the first multi-country risk pool in the world. CCRIF offer parametric insurance which is a type of insurance that does not indemnify the pure loss, but ex ante agrees to make a payment upon the occurrence of a triggering event. This insurance instrument helps small countries like Sint Maarten with short-term cash flow problems after a hurricane or earthquake.
CCRIF pays out within the first two weeks after a disaster. This quick pay-out system will help Sint Maarten in financing its initial disaster response and to maintain basic Government functions after a catastrophic event.
Premium 2022: US $1,068,800 (Premium will vary depending on level of coverage and reviewed annually)
|Tropical Cyclones||US$ 18,457,018|
|Excessive Rainfall||US$ 3,711,133|