Belize Secures $1.6M CCRIF Payout After Tropical Storm Sara’s Rains

The Government of Belize has received a payment of over a million dollars from the Caribbean Catastrophic Risk Insurance Facility (CCRIF) following heavy rains from Tropical Storm Sara. The one point six million dollar payout comes under the Wet Season Trigger endorsement, part of CCRIF’s newly introduced policy options. On November 17, Belize experienced significant rainfall linked to Tropical Cyclone Sara, adding to a previously wet period beginning. Although the rainfall from the cyclone did not meet the threshold to activate Belize’s Excess Rainfall policy, the combination of these events triggered the Wet Season Trigger endorsement. The CCRIF ensures all payouts under its policies are made within 14 days of an event. The Wet Season Trigger endorsement is one of three new policy enhancements introduced in the 2023/24 policy year, designed to provide coverage for events that may cause damage but would not traditionally meet the criteria for full policy activation.