The Bog Walk Gorge was flooded by heavy rains in May
The Ministry of Finance has revealed that Jamaica has not qualified for a drawdown under the Caribbean Catastrophe Risk Insurance Facility (CCRIF) following three months of flood rains.
The CCRIF has determined that damage from the rains fell short of qualifying for payment under the insurance fund.
The National Works Agency's final assessment showed that Jamaica suffered damage of close to $3 billion following heavy rains in March, April and May.
The Ministry of Finance, in a written report to the Public Administration and Appropriations Committee (PAAC) on Wednesday morning, indicated that Jamaica failed to qualify as damage fell short of the US$200 million mark set by the CCRIF.
Based on the NWA's assessment, the CCRIF estimates losses at about US$100 million.
The Government is to source funding for the damage from the National Disaster Fund, the NWA's budget for emergency response, and the reallocation of resources.
In the meantime, PAAC Chairman Dr. Wykeham McNeill, has again expressed concern about Jamaica's contribution to the Caribbean Catastrophe Risk Insurance Facility.
He noted that if after such extensive flooding and damage, the country has not qualified for funding, then the government should reassess its participation.
Dr. McNeill said based on the insurance facility's assessment, Jamaica would have needed to suffer twice the damage to benefit from a payment.
State Minister in the Finance Ministry Fayval Williams agreed with Dr. McNeill stating that there needs to be an assessment of the policy.
Jamaica pays US$6 million annually in premiums under the fund.
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