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More INTERNATIONAL In Brief

Published:Thursday | August 7, 2014 | 8:00 AM

Caribbean countries acquire new storm insurance policy

GRAND CAYMAN, CAYMAN ISLANDS (CMC):The Caribbean Catastrophe Risk Insurance Facility (CCRIF) says it is now providing excess rainfall insurance coverage to eight regional countries as the Caribbean continues to take precautions against possible damage caused by storms and hurricanes during the 2014 Atlantic hurricane season.

CCRIF is a not-for-profit risk pooling facility, owned and operated by Caribbean governments. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.

"The new excess rainfall product has been eagerly awaited by Caribbean governments as we all realise that considerable damage in the region is caused by rainfall and flooding. This product complements CCRIF's hurricane coverage which determines losses based on wind and storm surge. We commend our eight members for taking the initiative and purchasing this ground-breaking product and hope that other countries in the region will follow," said CCRIF chief executive officer, Isaac Anthony.

Developed by CCRIF and global reinsurer, Swiss Re, the excess rainfall product is aimed primarily at extreme high rainfall events of short duration whether they occur during a tropical cyclone or not.


127 kg of cocaine seized from Spanish naval ship

MADRID, SPAIN (AP):Spanish police say they have seized 127 kilograms of cocaine from Spanish navy training ship, which allegedly carried the drug from Colombia and dropped off some in New York.

A Civil Guard statement yesterday said three sailors were arrested on July 12 when the ship returned to Spain, but the drug wasn't found until last Saturday, hidden in the ship's reserve sails.

Investigations began in May when US authorities arrested two Colombians who allegedly picked up 20 kilograms of cocaine from sailors on the training ship, the Juan Sebastian de Elcano, during its stop in New York.

The Civil Guard said drug traffickers had contracted the sailors to transport the cocaine during a stop in the Colombian city of Cartegena de Indias.


Authorities intercept largest shipment of cocaine 'so far this year'

PARAMARIBO, SURINAME (CMC):Police have detained one man after "the largest catch" of cocaine was intercepted at the Johan Pengel International Airport.

Police said that this is not the first time they have detained the unnamed man in relation to the illegal shipment of drugs.

Head of the Customs Department, Glenn Cruickshank, has described the shipment "as the largest catch we have done this year".

The authorities said the 50 kilogrammes of cocaine was hidden in a refrigerated container with ground cassava, destined for the Netherlands. It has a street value of €2 million (one euro = US$1.29 cents).