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Published:Wednesday | October 29, 2014 | 12:00 AM

CCRIF to pay out first excess rainfall claim to Anguilla

CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, will likely pay out about US$500,000 to Anguilla under that country's excess rainfall insurance policy.

The payment was triggered by flood damage from Hurricane Gonzalo of October 13 at the Clayton J. Lloyd International Airport and the public library, as well as three districts.

Anguilla is the first to receive benefits under the rainfall policy, a new product designed by CCRIF in collaboration with Swiss Re and Kinetic Analysis Corporation and launched last year. Anguilla is one of eight Caribbean countries subscribing to the policy.

Gonzalo hit Anguilla at Category 1 strength.

On Monday, CCRIF said it was working with the Caribbean Institute for Meteorology & Hydrology and local disaster management officials in Anguilla to finalise collection of information on the impact of the storm.

CDB grants Haiti US$2.57 millionfor CCRIF insurance

Haiti will receive a grant of US$2.57 million from the Caribbean Development Bank (CDB) to pay its premium, ensuring coverage against hurricanes and earthquakes.

The premium is for coverage from June 2014 to May 2015, the bank said in a release. The CDB granted the country a similar amount for its insurance coverage in the previous policy year.

"On behalf of the Haitian government and Haitian people, I thank CDB for agreeing to make this payment to the CCRIF. This will ensure that the government is covered in the event the country is hit by a natural disaster during the coverage period," said Hancy Pierre-Louis, Haiti's director for the CDB. The grant was approved at the development bank's October 16 meeting.

Having not filed a claim in 2012/13, Haiti earned a rebate of US$1.285 million, which it opted to use to finance its coverage against excess rainfall, said the CDB.

Mona business school re-accredited by AMBA

Mona School of Business and Management (MSBM) says its MBA and EMBA programmes have been re-accredited by the internationally recognised Association of MBAs.

AMBA's continued recognition gives MSBM graduates wider acceptance, says Professor Densil Williams, executive director of MSBM in a press release on the re-accreditation.

"MSBM is the only Jamaican based institution with an accredited MBA from AMBA. This is critical as it is a step in positioning the school to be one of the leading business schools this side of the world," said Prof Williams.

He adds that the accrediting body noted the merger of the School of Business and Department of Management Studies at the University of the West Indies; the school's 'executive in residence' programme, and its links with the business sector, among others.

Heritage payouts top US$20m

Heritage Education Funds International (HEFI) has to date paid out close to US$21m to families in Jamaica for tertiary studies.

The Heritage International Scholarship Trust Plan, as of September 2014, provided returns of 7.18 per cent to Jamaican subscribers, said HEFI President & CEO Jason Maguire at an awards ceremony hosted by the group in Kingston, according to a press release on the event.

Maguire said Heritage has paid out some US$20.8m in savings and educational assistance to Jamaicans since inception of the plan for college studies, the cost of which will exceed US$150,000 for a four-year degree within another decade, he said.

Awards were presented to early childhood educators Alecia Sawyers of Vaz Prep, Dorette Clarke of Black River Primary & Infant School; and Panceta Walker of St Aloysious Primary.

Heritage is a Canadian company, established over 19 years ago.