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Bahamas says catastrophe fund "paid up" as Hurricane Irma approaches

Bahamian Prime Minster Dr. Hubert Minnis revealed on Monday that the Government’s Caribbean Catastrophe Risk Insurance Facility (CCRIF) is “paid up” as Hurricane Irma barrels towards The Bahamas.
     
The previous administration discontinued its relationship with the CCRIF.
     
Former Prime Minister Perry Christie said his administration withdrew from the insurance scheme after the entity denied a claim on the Bahamas’ damages following two devastating hurricanes in two years.
     
However, Minnis said yesterday at a meeting of the National Emergency Management Agency (NEMA) that his government is “a different government” and “different administration”.
      
The Bahamas narrowly missed a credit rating downgrade by Moody’s last week.
     
One of the credit ratings agency’s suggestions was that The Bahamas reinstate the CCRIF.


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