Business
Losses caused by Hurricane Sandy to the Bahamas estimated at $300 million – CCRIF
Thursday, November 1, 2012
The economic toll of Hurricane Sandy on The Bahamas could be as high as US$ 300 million, according to a regional insurance organization.
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) said damage to public infrastructure and private property is expected to be worse than Hurricane Irene, which hit the Island in August 2011. The CCRIF estimates, calculated through a specific model, also takes into account budgetary re-allocation and anticipated lending from organizations such as the Inter-American Development Bank (IADB).
Assessments will continue to be made over the coming weeks across the country.