The Caribbean Catastrophe Risk Insurance Facility (CCRIF) says it will payout an additional $8 million to member countries affected by Hurricane Matthew.
The payouts will be made to Haiti, Bahamas, St. Lucia and St. Vincent and the Grenadines as a result of the heavy rains from Hurricane Matthew, which triggered payments on these countries' excess rainfall policies.
Last week, CCRIF announced that Haiti would be given a payout of $20.4 million under its tropical cyclone policy as a result of Hurricane Matthew.
CCRIF is a not-for-profit company that helps to mitigate the short-term cash flow problems small developing economies suffer after major natural disasters.
It provides rapid payouts to help members finance their initial disaster response and maintain basic government functions after a catastrophic event.
Sixteen Caribbean countries are currently members of the facility.
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