Bahamas paid nearly $3 million premium to renew cyclone insurance policy

The Bahamas’ government paid a $2.8 million premium to Caymans Islands-based Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Co. to renew its tropical cyclone insurance policy, Tribune242 reported. The previous policy had an annual premium of $900,000. CCRIF said that it would pay nearly $30 million to six Caribbean governments affected by hurricane Irma, with the Bahamas receiving $234,000.
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