The Tribune

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

THE Minnis administration paid a $2.8m premium to the Caribbean Catastrophe Risk Insurance Facility to renew its tropical cyclone policy, The Tribune has learned.

While the former policy had an annual $900,000 premium, The Tribune was told that the cost has since increased.

The country's policy was reportedly dropped by the former Christie administration after the country was denied a claim made following the passage of Hurricane Joaquin in 2015.

However, Prime Minister Dr Hubert Minnis has since claimed the former administration's action resulted in the Bahamas losing out on a $32m insurance payout in the aftermath of Hurricane Matthew, a category three/four storm, last year.

The matter was again raised in the Lower House yesterday when Dr Minnis reiterated that the former administration cancelled the policy as he gave a status update on the passage of Hurricane Irma.

In his later contribution, Official Opposition Leader Phillip "Brave" Davis questioned the cost of the premium and its benefits, and whether the passage of Hurricane Irma had triggered any of those benefits.

He maintained that the former administration made the decision after "prudent consideration" and advice from experts.

Mr Davis began his contribution by expressing the opposition's satisfaction with the government's conduct before, during, and after the storm's passage as led by Dr Minnis.

He shared in the commendation of efforts undertaken by the various ministries, and applauded Dr Minnis for involving the opposition side in those efforts.

Mr Davis indicated that his side stood ready to continue their assistance and collaboration in returning the country to a state of normalcy.

Rising on a point of order, Dr Minnis said he planned to table evidence of the policy cancellation next week.

He added: "We are a government of transparency, you will get your answers."

CCRIF announced on Tuesday that it would make a total of US$29.6 million to six Caribbean governments affected by Hurricane Irma under their TC policies, with The Bahamas and Haiti receiving payments as a result of a new feature.

The new feature, Aggregate Deductible Cover (ADC), was introduced in this policy year as a means to help members when modelled losses do not trigger a payout despite observed losses on the ground, the statement explained.

According to CCRIF, the Bahamas will receive US$234,000.