PHILIPSBURG – On Monday September 3rd, Prime Minister Leona Romeo-Marlin and Minister of Finance Perry Geerlings announced that Sint Maarten joins the Caribbean Catastrophic Risk Insurance Facility (CCRIF). As of September 1st, the Government of Sint Maarten is insured through CCRIF for damages resulting from earthquakes, tropical cyclones and excess rainfall. Sint Maarten’s participation in CCRIF is financed through the World Bank Trust Fund.
According to Prime Minister Romeo-Marlin this is an important step for Sint Maarten: “Through CCRIF, Sint Maarten protects itself from short-term liquidity problems after a major natural disaster. We are very pleased that Sint Maarten is able to follow the example of our neighboring countries, including Anguilla and St Kitts & Nevis in joining this unique insurance facility”.
CCRIF is the first multi-country risk pool in the world. This insurance instrument helps small countries like Sint Maarten with short-term cash flow problems after a catastrophic event like a hurricane or earthquake. CCRIF pays out within two weeks after a disaster. These quick pay-outs help countries in financing their initial disaster response and to maintain basic government functions after a catastrophic event.
Since the inception of CCRIF in 2007, the facility has made payouts to 13 member governments on their tropical cyclone, earthquake and excess rainfall policies totaling US$130.5 million. During last year’s hurricane season, CCRIF paid out 62 million US dollars to member states in the region, including to Anguilla (US$6.7 million), Dominica (US$20.3 million) and Antigua & Barbuda (US$ 6.8 million).
For more information on CCRIF, please visit their website: https://www.ccrif.org
Photo caption: Prime Minister Leona Romeo-Marlin (l) signs as Minister of Finance Perry Geerlings (r) looks on.