The Government of Grenada has renewed its annual parametric insurance coverage with the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) for the 2025/2026 policy year, for a total cost of roughly US$1.828 million, plus applicable fees.
Grenada has been a member of CCRIF SPC since 2007, recognising the importance of financial readiness in responding to climate and seismic events.
The parametric insurance model offered by CCRIF ensures rapid disbursement of funds following qualifying events, allowing for swift response and recovery efforts when disasters strike.
This year’s renewal follows a record payout received in 2024, when Grenada was severely impacted by Hurricane Beryl. The country received over US$44 million from CCRIF SPC, as the storm triggered the tropical cyclone, excess rainfall, and coastal hazards parametric insurance policies.
However, this figure went on to increase to US$55.6 million after payouts were made to the Grenada Electricity Services Limited (GRENLEC) and the National Water and Sewerage Authority (NAWASA) under their policies.
The funds were used to support recovery efforts across Carriacou, Petite Martinique, and northern Grenada, areas where more than 90% of buildings were damaged.
Additionally, the funds also helped finance urgent repairs to public infrastructure, schools, hospitals, and homes, and facilitated the distribution of essential supplies such as food, water, and medicine.
The Government of Grenada’s Ministry of Finance, commented: “This strategic investment reflects our unwavering commitment to building resilience, ensuring fiscal responsibility, and safeguarding the lives and livelihoods of our citizens. As climate change intensifies, natural disasters will continue to affect Grenada, prompting the country to take proactive steps to prepare and protect its people, resources and the economy.”
Concluding: “The Government of Grenada expresses its gratitude to CCRIF SPC for its ongoing partnership and remains steadfast in its mission to enhance national resilience and reduce vulnerability to natural hazards.”
