Belize Receives $805,794 Payout for Excess Rainfall Under CCRIF Policy

The Government of Belize has received a payment of $805,794 under the Wet Season Trigger (WST) endorsement of its Excess Rainfall Policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF). This disbursement followed rainfall linked to Tropical Cyclone Sara, which impacted northern Belize from November 16 to 18.

While the rainfall event associated with Tropical Cyclone Sara did not meet the criteria to trigger Belize’s standard excess rainfall policy, the WST endorsement was activated due to a combination of factors: an exceptionally wet period that began on October 20 and the rainfall during November 16-18.

Minister of State in the Ministry of Finance, Christopher Coye, welcomed the payout, stating, “The Government of Belize welcomes the timely payout generated under the Wet Season Endorsement attached to the CCRIF Excess Rainfall policy resulting from the passage of Tropical Storm Sara. Our response to recovery efforts will certainly be supported by this disbursement”. All CCRIF payouts or policy endorsement payments are made within 14 days of an event.

The WST endorsement, introduced by CCRIF during the 2023/24 policy year, addresses specific rainfall events occurring during periods of soil saturation. This coverage is designed to mitigate risks associated with flooding and landslides under such conditions. CCRIF CEO Isaac Anthony stressed the importance of this endorsement: “These endorsements have been welcomed by our members, given the increasing frequency, intensity, and unpredictability of hydro-meteorological events they are experiencing, which are likely driven by the changing climate.”

All CCRIF payouts or policy endorsement payments are made within 14 days of an event.

Since its inception, CCRIF has issued 78 payouts totalling nearly $400 million across member countries, supporting recovery efforts following disasters. In 2024 alone, the facility has issued 14 payouts amounting to over $122 million, including significant disbursements after Hurricane Beryl in July.