Hurricane Beryl’s path of destruction through the Caribbean last week triggered a record $44 million payout to the nation of Grenada from a regional catastrophe insurance fund.
The Caribbean Catastrophe Risk Insurance Facility, or CCRIF, said it Grenada $42 million in cyclone insurance, $1.1 million in fisheries insurance and $549,000 for excess rainfall tied to Beryl.
CCRIF’s single-largest payout before the storm was about $40 million to Haiti following its 2021 earthquake.
The storm also triggered payouts in St. Vincent and the Grenadines for $1.8 million, Trinidad and Tobago for $373,000, and an undetermined amount for Jamaica, the facility said in a statement Wednesday. Since its inception in 2007, CCRIF has made 65 payouts totaling more than $274 million.
Beryl hit the Caribbean as the earliest Category 5 storm on record, causing as much as $1.5 billion in damage in the Windward Islands, according to . Two of Grenada’s outer islands, Carriacou and Petite Martinique, “were completely devastated,” Prime Minister Dickon Mitchell reiterated Tuesday.
Photograph: Fishermen watch their damaged fishing boats after the passage of Hurricane Beryl in Bridgetown, Barbados, July 1, 2024. Photo credit: Randy Brooks/AFP/Getty Images
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