Grenada Electricity Services Limited (GRENLEC) received an insurance payout of US$9.3 million from the Caribbean Catastrophe Risk Insurance Facility following the passage of Hurricane Beryl.
In addition to damage to infrastructure, housing and ecosystems, Beryl also caused damage to Grenada's electric transmission and distribution systems, which are managed by GRENLEC.
GRENLEC became a member of CCRIF in 2023, when it purchased its parametric insurance product for electric utilities.
The product covers direct damage to the transmission and distribution components of electric power systems due to impacts of wind.
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