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76-433: Founded in 2007, CCRIF is the first multi-country risk pool in the world, and was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets. These parametric policies release funds based upon factors of a calamity such as rainfall or wind speed, which can speed up the payout of policies rather than after damages are assessed. Unused funds are kept as reserves for

152-470: A Governor-General . Despite leading the country to independence, Compton's initial term as prime minister lasted only a few months, being defeated by the Saint Lucia Labour Party (SLP) under Allan Louisy in the 1979 Saint Lucian general election . In 1980, Hurricane Allen struck the island, destroying much of its infrastructure and reducing economic growth. Compton returned to power after

228-427: A sovereign financial instrument. In 2020, CCRIF SPC announced the offering of a new parametric product for electric utilities. This is the first parametric product by CCRIF SPC to target private firms. Parametric insurance Parametric insurance (also called index-based insurance ) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event. Trigger events depend on

304-486: A 2019 Forest Landscape Integrity Index mean score of 6.17/10, ranking it 84th globally out of 172 countries. Saint Lucia has a tropical climate , specifically a tropical rainforest climate (Af), moderated by northeast trade winds , with a dry season from 1 December to 31 May, and a wet/rainy season from 1 June to 30 November. Average daytime and nighttime temperatures are around 30 °C (86.0 °F), and 24 °C (75.2 °F) respectively. Being fairly close to

380-452: A battalion of British troops at Vieux Fort and Rabot. In 1796, Castries was burned as part of the conflict. Leading the 27th (Inniskilling) Regiment , General John Moore retook Fort Charlotte in 1796, after two days of bitter fighting. As an honour, the Fusiliers' regimental colour was displayed on the flagstaff of the captured fortress at Morne Fortune for an hour before being replaced by

456-760: A commitment of $ 30 million by the United States government to provide additional insurance through platforms, including CCRIF, in his remarks to the Alliance of Small Island States at the Paris Conference. In 2016, the World Bank announced the Pandemic Emergency Facility built using CCRIF SPC as a model. Updated in 2019 to use the SPHERA model (System for Probabilistic Hazard Evaluation and Risk Assessment),

532-477: A crucial time with Governments around the world also grappling with the impacts of COVID-19. Tonga is one of the Pacific Island countries that purchased catastrophe risk insurance from PCRIC – a regional catastrophe insurance platform that offers governments insurance cover against climate and seismic hazards, currently tropical cyclones and earthquake/tsunamis. PCRIC policies are designed to payout quickly after

608-637: A grant from the Government of Japan . In 2007, CCRIF offered its first parametric insurance products, earthquake and tropical cyclone. In 2007, CCRIF made its first payout to the governments of St Lucia and Dominica for the earthquake on November 29, and in 2008, CCRIF made its first payout to the government of the Turks and Caicos Islands in response to damage from Hurricane Ike . During its early years of operation, day-to-day operations of CCRIF were handled by Caribbean Risk Managers Limited (CaribRM), who acted as

684-539: A triggering event to provide immediate access to liquidity for disaster response. A representative of the Government of Tonga welcomed confirmation of the payment: “These funds will enhance our ability to respond to the needs of our communities impacted by Cyclone Harold and already dealing with the impacts of the COVID-19 global pandemic” said Balwyn Fa’otusia, CEO for the Tonga Ministry of Finance “in these challenging times

760-554: Is Castries . The first proven inhabitants of the island, the Arawaks , are believed to have first to settle on the island in 200–400 AD. In 800 AD, the island would be taken over by the Kalinago . The French were the first European colonists to settle on the island, and they signed a treaty with the native Caribs in 1660. The English took control of the island in 1663. In ensuing years, England and France fought 14 times for control of

836-530: Is oil through its sole power station, the Cul De Sac Power Station , although solar energy is also a major source. There have also been attempts to introduce geothermal and wind energy to the island. A census is normally held in Saint Lucia every 10 years. In the 2010 census, Saint Lucia reported a population of 165,595 in 58,920 households. This was a 5.1% increase from the 157,490 recorded at

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912-438: Is also a member of Organisation internationale de la Francophonie . Saint Lucia is named after Saint Lucy of Syracuse (AD 283 – 304). Saint Lucia is one of two sovereign states in the world named after a female and is the only one named after a woman ( Ireland is named after a goddess ). Legend states that French sailors were shipwrecked on the island on 13 December, the feast day of St. Lucy, and therefore named

988-493: Is being reflected in increased premiums and reduced cover for commercial entities across Australia. Parametric hail covers, such as the Hail Cover for Dealerships offered by Mainstay Underwriting, is offering the policyholder and the insurer less uncertainty, resulting in more affordable premiums. It's impossible to know the value of a disaster before it happens, so by setting a claim value for a defined event, such as hailstone sizes,

1064-439: Is dominated by poultry. The island is self-sufficient in egg production and production of poultry and pork has increased in recent years. Fishing has also been of considerable importance to the nation's economy. Saint Lucia has a wide-ranging public bus network which covers most of the island. Busses are owned by private individuals, whilst the government is responsible for setting up routes and hubs. The road network covers most of

1140-400: Is less need for actual loss assessment for payment of claims or underwriting rating requirements to determine the premium based on liabilities and extent of risk sharing. The main drawback of parametric insurance policies is that they often do not cover the full basis risk of the insured. Policies are based on parameters and, therefore, do not always cover the full damage that occurs. Part of

1216-473: Is still an important part of the country's economy, providing 7.9% of jobs and contributing to 2.2% of the GDP in 2021. About 18% of land is used for agricultural practices. Bananas remain the main agricultural product grown in Saint Lucia, as well as coconuts, cocoa beans, mangoes, avocados, vegetables, citrus fruits, and root crops such as yams and sweet potatoes. Saint Lucia also has a small livestock sector, which

1292-576: Is the head of government , the head of the cabinet , and is normally the leader of the largest party in the House of Assembly . The house has 17 seats, with each member being elected via a plurality of votes in their constituency . The upper chamber of Parliament is the Senate which has 11 appointed members, the majority of which are appointed by the prime minister. Saint Lucia is made up of 10 districts. The districts were created and named by French colonials, and

1368-628: Is the island's largest trading partner, and Saint Lucia was key to the US invasion of Grenada in 1983, and voted against condemning the invasion. Saint Lucia became the 152nd member of the United Nations on 18 September 1979. Saint Lucia does not have a military although the Royal Saint Lucia Police Force has a Special Service Unit (SSU) and a Coast Guard. The island signed the UN Treaty on

1444-409: The 1982 Saint Lucian general election after much instability during the labour government's term. During Compton's second term as the island's leader, banana exports significantly increased and became the nation's main source of revenue. There were improvements to infrastructure, and education was expanded to rural areas. Saint Lucia was key to the US invasion of Grenada . During the 1990s and 2000s,

1520-449: The 2021 United Nations Climate Change Conference , the Republic of Ireland announced a gift of one million euros to support the expansion of COAST to additional countries. COAST has been studied as an instrument of science diplomacy promoting finance for development to support climate resilience by linking adaptive social safety nets for individuals, community-level weather risks, and

1596-462: The Arawaks , though there may have been other native peoples prior to them. The Arawaks are believed to have come from northern South America, sometime around AD 200–400, as there are numerous archaeological sites on the island where specimens of their pottery have been found. The Kalinago (Island Caribs) arrived around AD 800, and seized control from the Arawaks by killing their men and assimilating

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1672-613: The Battle of the Caribbean , when a German U-boat attacked and sank two British ships in Castries harbour on 9 March 1942. The United States used the island as a military hub during the war, including setting up a secondary naval base in Gros Islet and using what is now the island's international airport as an air force base. Universal suffrage was introduced in 1951 and elections were held

1748-527: The British Windward Islands colonies. The institution of slavery was abolished on the island in 1834, as it was throughout the British Empire . After abolition, all former slaves had to serve a four-year "apprenticeship", to accustom them to the idea of freedom. During that period, they worked for their former masters for at least three-quarters of the work week. Full freedom was duly granted by

1824-519: The Sulphur Springs , the Botanical Gardens , Pigeon Island and The Pitons . The agricultural sector was once the main contributor to Saint Lucia's economy. This was especially thanks to the exporting of bananas. However, its importance to the economy has declined significantly, in part due to increased competition from South American countries in the banana industry. Nevertheless, agriculture

1900-594: The Union Jack . Upon the capture of the fort, Moore's superior, Ralph Abercromby , departed the island and placed Moore in charge of the British garrison. Moore remained at this post until falling ill with yellow fever , leading to his return to Britain before 1798. In 1803, the British regained control of the island. Many members of the L'Armee Française dans les Bois escaped into the thick rainforest where they evaded capture and established maroon communities . Slavery on

1976-539: The World Bank announced a partnership with CCRIF SPC to create a new insurance product to protect food security and promote the resilience of the small-scale fisheries sector in the Caribbean. In 2019, CCRIF SPC offered the Caribbean Ocean and Aquaculture Sustainability faciliTy (COAST) insurance product as a pilot in the countries of St Lucia and Grenada . The COAST product was renewed in 2020 and again in 2021. During

2052-490: The 18th century, the island changed ownership, or was declared neutral territory, a dozen times, although the French settlements remained and the island was a de facto French colony well into the eighteenth century. In 1722, George I of Great Britain granted both Saint Lucia and Saint Vincent to the 2nd Duke of Montagu . Montague appointed Nathaniel Uring , a merchant sea captain and adventurer, as deputy-governor. Uring went to

2128-420: The British chose to keep the names in an anglicised form. The largest district in both size and population is Castries , where the nation's capital of the same name is located. The following are the 10 districts placed in alphabetical order: Saint Lucia is a mixed jurisdiction, meaning that it has a legal system based in part on both the civil law and English common law . The Civil Code of St. Lucia of 1867

2204-470: The British in 1838. By that time, people of African ethnicity greatly outnumbered those of ethnic European background. People of Carib descent also comprised a minority on the island. Saint Lucia's first representative government was introduced in 1924, with the first election taking place in 1925. Many Saint Lucians served during the Second World War , and the conflict visited the island directly during

2280-527: The CCRIF earthquake insurance product is built from a number of components including the exposure module, hazard module, vulnerability module, and loss module. All of these components contribute to the insurance module, which is used to calculate the premium, the conditions under which a country's policy is triggered, and the amount of payout in the event of trigger. Updated in 2019 to use the SPHERA model (System for Probabilistic Hazard Evaluation and Risk Assessment),

2356-516: The CCRIF tropical cyclone insurance product is based on a probabilistic assessment of the risk of events and induced losses including near real-time estimates of damages to infrastructure due to windspeed and storm surge. A combination of exposure, hazard, vulnerability, and loss modules are used to creates the final insurance policy including attachment and exhaustion points used for pricing and payouts. In 2014, CCRIF expanded its product line to include parametric insurance for excess rainfall. In 2016,

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2432-603: The CCRIF. The fund can also draw upon $ 140 million in funds underwritten by reinsurance . Other regions have since setup similar government disaster instance including in the African Union and the Pacific Islands Forum . From 2004 through 2007, planning to create the Caribbean Regional Risk Insurance Facility, or CCRIF, was performed under the technical leadership of the World Bank with

2508-514: The Carib chief Anthonie. By 26 September 1605, only 19 survived following continued attacks by the Carib chief Augraumart, so the settlers fled the island. The English tried to settle the island again in 1638, but the Caribs continued to be hostile. Eventually, the French successfully claimed the island in 1650 and they signed a treaty with the Caribs in 1660. In 1664, Thomas Warner (son of Sir Thomas Warner ,

2584-740: The Coastal Management Trust Fund to purchase a parametric insurance policy for protecting and restoring the reef. The parametric policy has an annual maximum payout of $ 3.8 million and is triggered by wind speed. The payout changes based on the wind speed in the manner below: Partners of the Quintana Roo government include the Nature Conservancy, the Cancún and Puerto Morelos Hotel Owners’ Association, CONANP, Mexican Universities and insurance industry representatives. The insurance policy

2660-646: The Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN). And in 2014, CCRIF SPC also was the first company to participate in the World Bank Capital-at-Risk Notes Program to diversify its sources of risk capital. At the G7 leaders summit in 2015, CCRIF SPC was highlighted as an example to be used, "... to increase by up to 400 million the number of people in

2736-703: The French began to develop the land for the cultivation of sugar cane as a commodity crop on large plantations. The British occupied the island again in 1778. From 1782 to 1803, control of the island switched multiple times. In January 1791, during the French Revolution , the National Assembly sent four commissaires to St Lucia to spread the revolutionary philosophy. By August 1791, slaves began to abandon their estates and Governor Jean-Joseph Sourbader de Gimat fled. In December 1792, Lt. Jean-Baptiste Raymond de Lacrosse arrived with revolutionary pamphlets, and

2812-522: The Mesoamerican Reef (MAR) is located off the coast of the state of Quintana Roo in Mexico, where Cancún is located. The reef has experienced degradation from pollution, storm damage, rising ocean temperatures, and increasing tourist activities. Recent analysis indicated that the reef prevents $ 42 million in damage to buildings and $ 20.8 million in damage to hotels annually. In response, Quintana Roo created

2888-764: The Prohibition of Nuclear Weapons in 2018. Saint Lucia is a Small Island Developing State , a designation similar to a developing country with a few substantial differences due to Saint Lucia's island nature. The service sector is the largest sector of the economy, accounting for 86.9% of GDP in 2020, followed by industrial and agricultural sectors at 10.9% and 2.2%, respectively. Saint Lucia has been able to attract foreign business and investment due to its educated workforce and improvements in roads, communications, water supply, sewerage, and port facilities. Like most small islands, Tourism and offshore banking are Saint Lucia's main sources of revenue. Agriculture, specifically

2964-488: The US, UK, EU and other CARICOM countries. Tourism is the largest contributor to Saint Lucia's economy. Tourist numbers tend to be more substantial during the dry season (January to April), often referred to as the tourist season. Saint Lucia's tropical weather, scenery, beaches and resorts have made it a popular tourist destination, with 1.29 million visitors arriving in 2019. Some of Saint Lucia's tourist attractions include

3040-501: The US, there are proposals to implement parametric policies more often, specifically in the case of flood insurance through the National Flood Insurance Program . Traditional indemnity insurance is structured so that after an event that leads to a loss, such as a fire, flood, storm, or car accident, the insurer reimburses the insured for the total value of the loss, assuming no limits and deductibles are included in

3116-551: The Vatican made in 1520, shows the island as Sancta Lucia. In the late 1550s, the French pirate François le Clerc (known as Jambe de Bois , due to his wooden leg) set up a camp on Pigeon Island , from where he attacked passing Spanish ships. In 1605, an English vessel called the Oliphe Blossome was blown off-course on its way to Guyana , and the 67 colonists started a settlement on Saint Lucia, after initially being welcomed by

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3192-669: The banana industry, was previously the largest sector of the economy, although its importance has declined significantly. The island's manufacturing sector has been called the most diverse in the Eastern Caribbean, with goods such as plastic being produced on a large scale. Saint Lucia's currency is the Eastern Caribbean Dollar (EC$ ), a regional currency shared among members of the Eastern Caribbean Currency Union (ECU). The country's main trade partners are

3268-679: The coastline. in November 2021, Lloyd's backed Redicova implemented a parametric cover that utilises a payout per unit of cover with discreet units redeemable for $ 1,000 in the event of a loss. If a property is directly in the path of a cyclone, the payout is $ 1,000, while an affected property within a 5km buffer zone would see a payout of $ 300 per unit purchased. This allows rapid payout with no assessment of loss. As climate change affects weather events in Australia, traditional indemnity-based policies are becoming more exposed to uncertainty. This uncertainty

3344-443: The dacitic domes of Terre Blanche (15.3 kya) and Belfond (13.6 kya) formed within the depression. Like most Caribbean countries, Saint Lucia is a unitary state with a parliamentary system. It is a Commonwealth realm and a constitutional monarchy , with the current monarch being Charles III , who is represented on the island by a governor-general , currently Errol Charles . The prime minister (currently Philip J. Pierre )

3420-604: The economy picked up during the later part of the decade and avoided contraction until 2020, after the COVID-19 pandemic caused major economic issues globally. In June 2016, the United Workers Party (UWP), led by Allen Michael Chastanet , won 11 of the 17 seats in the general election , ousting the St Lucia Labour Party (SLP) of the incumbent Prime Minister Kenny Anthony . However, Saint Lucia Labour Party won

3496-411: The equator, the island's temperature does not fluctuate much between winter and summer. The geology of St. Lucia can be described as composing three main areas. The oldest, 16–18 Ma , volcanic rocks are exposed from Castries northward and consist of eroded basalt and andesite centres. The middle, central highlands, portion of the island consists of dissected andesite centres, 10.4 to 1 Mya, while

3572-610: The facility supervisor. In 2013, Isaac Anthony, previously a member of the Board of Directors of CCRIF and the Permanent Secretary for Planning and National Development in the Government of St Lucia , was appointed the first Chief Executive Officer. In 2014, CCRIF reorganized into a segregated portfolio company , or SPC. CCRIF SPC began to offer its portfolio of insurance products to countries in Central America, including members of

3648-513: The formation of the Qualibou depression are found offshore, and in the massive blocks of Rabot, Pleisance, and Coubaril. The dacitic domes of Petit Piton (109 kya) and Gros Piton (71 kya) were then extruded onto the depression floor accompanied by the Anse John (104 kya) and La Pointe (59.8 kya) pyroclastic flows. Later, pyroclastic flows include pumice -rich Belfond and Anse Noir (20 kya). Finally,

3724-502: The governor of St Kitts ) claimed Saint Lucia for England but the English fled again in 1666, with the French gaining full control of the island after the signing of the Treaty of Breda . Saint Lucia was made an official French crown colony in 1674, as a dependency of Martinique . After the slave-based sugar industry developed, both the British and the French found the island attractive. During

3800-405: The impoverished whites and free people of colour began to arm themselves as patriots . On 1 February 1793, France declared war on England and Holland, and General Nicolas Xavier de Ricard took over as Governor. The National Convention abolished enslavement on 4 February 1794. On 1 April 1794, St. Lucia was captured by a British expeditionary force led by Vice Admiral John Jervis . Morne Fortune

3876-409: The insurance policy. To quantify loss, a representative from the insurance company assesses the damage. In a parametric insurance policy, insurance companies need to verify that the loss event exceeded the trigger event(s) specified in the policy. For weather-based parameters, this involves researching measurements from trusted third-party weather services or collecting sensor and satellite data to verify

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3952-766: The insurer has more certainty of costs and can offer lower premiums. St Lucia in the Caribbean Saint Lucia is an island country of the West Indies in the eastern Caribbean . Part of the Windward Islands of the Lesser Antilles , it is located north/northeast of the island of Saint Vincent , northwest of Barbados and south of Martinique . It covers a land area of 617 km (238 square miles) with an estimated population of over 180,000 people as of 2018. The nation's capital and largest city

4028-523: The island continued for a short time, but anti-slavery sentiment was rising in Britain. The British stopped the import of slaves by anyone, white or coloured, when they abolished the slave trade in 1807. France and Great Britain continued to contest Saint Lucia until the British secured it in 1814, as part of the Treaty of Paris , ending the Napoleonic Wars . Thereafter, Saint Lucia was considered one of

4104-708: The island in her honour. A globe in the Vatican from 1520 shows the island as Sancta Lucia, indicating that the island was instead named by early Spanish explorers . Saint Lucia was first known as Louanalao by the Arawak Indians in 200 AD, meaning “Island of the Iguanas ,” and then as Hewanorra , in 800 AD, meaning "there where iguanas are found,” when the Carib Indians arrived and assimilated their culture into Saint Lucia. The first proven inhabitants of Saint Lucia were

4180-586: The island record the most homicides in its history, and also its highest murder rate in its history, at 40 murders per 100,000 people. Saint Lucia is a member of the Caribbean Community , OECS , the Organization of American States and La Francophonie . As a Commonwealth Realm , Saint Lucia has relatively friendly relations with United Kingdom and Canada. France is also a major ally, in part due to Saint Lucia's border with Martinique . The United States

4256-486: The island's most famous landmark. Saint Lucia is also home to the world's only drive-in volcano, the Sulphur Springs . There are a number of small islands off the coast, the largest of which are the Maria Islands, located in the south-east of the island. Saint Lucia lies at latitude 14° N and longitude 61° W . The population tends to be concentrated around the coast, with the interior more sparsely populated, due to

4332-523: The island, although some rural areas still lack access to proper roads. The island has two airports, including one International airport . Cruising and yachting are very important to the country's economy, with the main sea port being located in Castries , while the main marina is located in Rodney Bay . Meanwhile, the nation's main oil refinery is located in Bexon. The main source of electricity in Saint Lucia

4408-579: The island; consequently control over this immensely valuable geopolitical position changed frequently. Eventually, the British took complete control in 1814, shortly after the victory over French Emperor Napoleon I . Because the island switched so often between British and French control, Saint Lucia was also known as the "Helen of the West" after the Greek mythological character, Helen of Troy . Representative government

4484-461: The islands with a group of seven ships, and established settlement at Petit Carenage. Unable to get enough support from British warships, he and the new colonists were quickly run off by the French. During the Seven Years' War , Britain occupied Saint Lucia for a year, but handed the island back to the French in 1763, under the Treaty of Paris . Like the English and Dutch on other islands, in 1765,

4560-560: The lower southwest portion of the island contains recent activity from the Soufriere Volcanic Centre (SVC). This SVC, centred about the Qualibou depression , contains pyroclastic flow deposits, lava flows , domes , block and ash flow deposits, and explosion craters . This depression's perimeter includes the town of Soufriere, Mount Tabac, Mt. Gimie, Morne Bonin, and Gros Piton. At 10 kilometres (6.2 mi) in diameter, though

4636-418: The magnitude of the weather event. Once the magnitude of the trigger is verified and "proof-of-loss" is obtained, the insurer disseminates the payout specified in the policy for the corresponding trigger event(s) to the insured. The main benefit of parametric insurance policies is that they offer faster payouts than traditional insurance based on the nature of the trigger event. Because it is quick to verify if

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4712-457: The most vulnerable developing countries who have access to direct or indirect insurance coverage against the negative impact of climate change related hazards by 2020..." At the 2015 United Nations Climate Change Conference in Paris, Ban Ki-moon , Secretary General of the United Nations, mentioned CCRIF SPC as an example as he launched an initiative on climate resilience that included increased access to insurance, and President Obama announced

4788-405: The nation's economy began shifting from agriculture to tourism under the leadership of Kenny Anthony . The 9/11 attacks in the United States in 2001 killed two Saint Lucians, and caused an economic slowdown, although moderate growth continued until the Great Recession . The recession, as well as the landfall of Hurricane Tomas in 2010, led to slow economic growth during the early 2010s, although

4864-531: The nature of the parametric policy and can include environmental triggers such as wind speed and rainfall measurements, business-related triggers such as foot traffic, and more. Examples of current parametric products include the Caribbean Catastrophe Risk Insurance Facility (CCRIF) , the African Risk Capacity (ARC), and the protection of coral reefs in the state of Quintana Roo in Mexico. Parametric insurance policies have most frequently been implemented in developing economies, oftentimes for agriculture insurance. In

4940-407: The next election in July 2021, meaning its leader Philip J Pierre became the ninth Prime Minister of Saint Lucia since independence. Saint Lucia has a total area of 617 square kilometers (238 sq mi). As a volcanic island , Saint Lucia is very mountainous, with its highest point being Mount Gimie , at 950 metres (3,120 feet) above sea level. The Pitons , two mountainous volcanic plugs , form

5016-405: The presence of dense forests. Many species are endemic to the island, including the Anolis luciae , a species of lizard, and the Boa orophias , a species of boid snake. Saint Lucia has five terrestrial ecoregions: Windward Islands moist forests , Leeward Islands dry forests , Windward Islands dry forests, Windward Islands xeric scrub , and Lesser Antilles mangroves . The country had

5092-402: The private market. In the aftermath of Cyclone Harold (2020), the government of Tonga received a US$ 4.5 million payout from the Pacific Catastrophe Risk Insurance Company (PCRIC) based on its insurance cover against tropical cyclones, the largest payment in the company’s history. These funds provided the government with much needed rapid-response financing to support disaster-relief efforts at

5168-488: The same year. In 1958, Saint Lucia joined the West Indies Federation , although the federation was dissolved just years later in 1962. In 1967, Saint Lucia became one of the six members of the West Indies Associated States , with internal self-government. Independence was peacefully gained in 1979 under Sir John Compton of United Workers Party , with the island remaining within the British Commonwealth , keeping then-Queen Elizabeth II as Monarch , represented locally by

5244-649: The trigger event passed the threshold specified in the policy, parametric policies can payout quickly. These quick payouts are especially beneficial for the liquidity to successfully recover after a disaster strikes. In addition, parametric insurance is suited for hard-to-model, low-frequency but high-intensity losses as in catastrophic perils, weather-related risks in agriculture or other economic activities, and risks sought to be covered without sufficient history of losses captured as insurance-readable data. Finally, parametric insurance may reduce transaction costs involved in writing and administering insurance policies because there

5320-470: The value of these products has been shown in supporting our wider strategy to financing natural disaster responses.” Cyclone Harold reached its peak intensity as a Category 5 cyclone as it tore a path across the Solomon Islands, Vanuatu, Fiji and Tonga, causing widespread destruction across the region. The cyclone passed within 100km of Tongatapu, Tonga’s main island, with significant storm surge coinciding with king tides, which caused wide spread damage around

5396-635: The western portion is open towards the Grenada basin , the depression formed as recently as 100 kya. The depression is noted for its geothermal activity , especially at Sulphur Springs and Soufrière Estates , a phreatic eruption in 1776, and recent seismic activity (2000–2001). Eroded andesitic stratovolcanoes to the north east of the depression include Mt. Gimie , Piton St Esprit, and Mt. Grand Magazin, all greater than 1 Ma in age. Andesitic and dacite pyroclastic flows from these volcanoes are found at Morne Tabac dome (532 ka ), Morne Bonin dome (273 kya), and Bellevue (264 kya). Avalanche deposits from

5472-455: The women into their own society. It is possible that Christopher Columbus may have sighted the island during his fourth voyage in 1502, but he does not mention the island in his log. Juan de la Cosa noted the island on his map of 1500, calling it El Falcon , and another island to the south Las Agujas . A Spanish cédula from 1511 mentions the island within the Spanish domain, and a globe in

5548-622: Was based on the Quebec Civil Code of 1866 , as supplemented by English common law-style legislation. The Judicial Committee of the Privy Council was Saint Lucia's final court of appeal until 2023, when a constitutional amendment transferred this to the Caribbean Court of Justice . Saint Lucia's homicide rate has hit record highs in recent years. There were 75 homicides in 2021, a 34.5% increase compared with 55 homicides in 2020. 2021 saw

5624-636: Was introduced in 1924 with universal suffrage being established in 1951. From 1958 to 1962, the island was a member of the West Indies Federation . On 22 February 1979, Saint Lucia became an independent state, while remaining as a Commonwealth realm . Saint Lucia is a member of the United Nations , the Organization of American States , the World Trade Organization , CARICOM and the Organisation of Eastern Caribbean States (OECS). It

5700-462: Was renamed Fort Charlotte . Soon, a combined force of French Revolutionary Army soldiers and maroons , L'Armee Française dans les Bois , began to fight back, starting the First Brigand War. A short time later, the British invaded the island as a part of the war with France that had recently broken out. On 21 February 1795, French forces under the nominal control of Victor Hugues , defeated

5776-486: Was triggered during Hurricane Delta in October 2020, for which the Coastal Management Trust Fund received $ 850,000. CCRIF is an insurance company established in 2007 that allows Caribbean and Central American countries to purchase parametric insurance products for weather catastrophes. By pooling their risks together, each participating country is able to purchase insurance for significantly less than if they had gone through

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