National

Controversial Hurricane Insurance Renewed

NASSAU, BAHAMAS – The government has renegotiated the terms of The Caribbean Catastrophic Risk Insurance Facility.

Published

1 year ago

June 2, 2023

Berthony McDermott

NASSAU, BAHAMAS – The government has renegotiated the terms of The Caribbean Catastrophic Risk Insurance Facility.

That’s according to Economic Affairs Minister Halkitis, who says this will put The Bahamas in a better place to receive a pay out if needed.

Back in 2017, former Prime Minister Dr. Hubert Minnis slammed the former Christie administration for failing to pay the annual $900,000 dollar CCRIF payment.

At the time, he said it cost the country more than $32 million dollars in potential insurance payouts from hurricane Matthew.

After hurricane Dorian devastated parts of Abaco and Grand Bahama, CCRIF paid out almost $13 million dollars to the government after the hurricane insurance policy for the northern region was activated.

Despite the loan facility, Halkitis says the plan is to build for resilience and to ensure the government is in a position to respond if necessary.