Prime Minister Dr Hubert Minnis says “gross and stunning incompetence” by the former Progressive Liberal Party (PLP) administration cost the country big.
NASSAU, The Bahamas, Thursday June 22, 2017 – Prime Minister Dr Hubert Minnis says the former Progressive Liberal Party (PLP) administration cost the country more than $32 million in potential insurance payouts from Hurricane Matthew because of its “gross and stunning incompetence”.
He charged that not only did the Perry Christie appear to use Hurricane Matthew as a way of channeling money to certain people, but by not making the annual payment of $900,000 to the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the country failed to qualify for the payouts, while Haiti, Barbados, St Lucia and St Vincent and the Grenadines all received payouts on their tropical cyclone and/or excess rainfall insurance policies – in excess of US$29 million combined – within 14 days of the storm’s passage.
“$32 million is an extraordinary amount of money that could have been used for so many good purposes,” he said. “Instead, these millions were wasted by a dysfunctional government. It is shameful. It’s disgraceful.”
Minnis said he was shocked at what the CEO of the Caribbean Catastrophe Risk Insurance Facility said in a letter he received on May 31, 2017: “Based on the registered losses, it means that had the Government of The Bahamas renewed its tropical cyclone policy for 2016/2017, using the previous year’s policy conditions (attachment point, exhaustion point and premium), the policy would have triggered, resulting in a payout of approximately US$31.8M – equal to the coverage point.”
Prime Minister Minnis noted that would have been the single biggest payout ever made by CCRIF to any country.
“Needless to say, I have directed the Deputy Prime Minister and the Minister of Finance to renew the country’s policy with CCRIF so that this type of gross and stunning incompetence does not happen during our watch,” he added.
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