With nearly two billion euros of damage to compensate on the islands of Saint-Martin and Saint-Barthélemy, the question for insurance companies to remain to exercise in these territories would have been legitimate.
The French insurance federation confirms, however, that the three main ones - Allianz, Generali / GFA Caraïbes and Groupama - maintain their presence in the Antilles via their subsidiaries. They can do so mainly through the central reinsurance fund.
An organization wholly owned by the State, the central reinsurance fund is responsible for reinsuring companies after a natural disaster. It also contributes to the funding of compensation. When the CAT NAT regime is decreed, the central cashier releases an envelope according to the amount of damage and distributes it to the companies. For example, in the case of Irma, it contributed 100% of the amount of the damage; which means that the companies paid the other 50 percent with their own funds. (Source: www.soualigapost.com)
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