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Hurricane season brings financial fears in the Caribbean

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Hurricane season brings financial fears in the Caribbean


Gemma HandyBusiness reporter, St Johns, Antigua

Getty Images A home on the Caribbean island of Barbuda that had been torn apart by the high winds generated by Hurricane Irma in 2017Getty Images

Homes in Barbuda were flattened by 2017’s Hurricane Irma

For some Barbudans, thunderstorms still trigger flashbacks of the night in September 2017 when they lost everything they owned to Hurricane Irma’s devastating winds.

Eight years on, while memories may be close to hand, home insurance for many on Barbuda and other islands in the Caribbean’s hurricane belt is more prohibitively expensive than ever.

Across the region premiums have gone through the roof in the past two years, surging by as much as 40% on some islands, according to industry figures.

Experts blame a perfect storm of increasing risk – as the region sees worsening and more rapidly intensifying cyclones – yet tiny populations of people to pay for policies, equating to poor returns for insurance companies.

Dwight Benjamin’s Barbuda home was one of few left relatively undamaged by Irma. After the storm, he invested in a one-room extension topped with a concrete roof that will serve as a shelter for his family should disaster strike again.

“I think the house should be sound enough but that’s my added protection,” he says.

With peak hurricane season now in full swing, Dwight is among many Caribbean people anxiously monitoring weather platforms for activity in the Atlantic. Should a system head his way, he will do as he did during Irma – hope and pray.

“I’ve never had insurance; most Barbudans don’t really think it’s worth it. It’s just an added expense to the meagre resources we have,” he explains.

“Plus, we believe in what we have built and that it should be able to withstand the weather.”

Courtesy Dwight Benjamin Dwight Benjamin, wearing a blue shirt and black jeans, standing in front his his home. Behind him the porch and entrance door can be seen. A bicycle is leaning against the front wall of the. Some gas cylinders are stacked in front of the house. To the left of the house, the newly built extension which serves as a shelter can be seen.Courtesy Dwight Benjamin

Dwight Benjamin built an extension to his home which serves as a shelter during hurricanes

Like Dwight, many Caribbean people build homes “out of pocket”, rather than opting for mortgages that can have high interest rates in this part of the world.

And the majority of homes on islands affected by hurricanes are uninsured. In Jamaica only 20% are reported to have cover, and just half in Barbados.

It is not just storms threatening the region, but earthquakes and volcanos too, points out Peter Levy, boss of Jamaican insurance company BCIC.

As a result of these threats of natural disaster, which Mr Levy calls the Caribbean’s “unique market”, the cost of home insurance will always be high.

One Antiguan insurance firm, Anjo, typically charges premiums of between 1.3% and 1.7% of a home’s value. Whereas in the UK, for example, it can be less than 0.2%.

Getty Images A satellite image of Hurricane Irma hitting the island of Barbuda in September 2017Getty Images

Hurricane Irma, pictured, is the most powerful storm to have hit Barbuda since records began

The Atlantic hurricane season runs from 1 June to 30 November, with the most activity occurring between mid-August and mid-October. The northern Caribbean nations, such as Antigua and Barbuda, the Bahamas, British Virgin Islands, and the Dominican Republic, are among the most at risk of a direct hit.

The peak months can be torturous for people with Irma-related trauma, says Mohammid Walbrook, another Barbudan resident. “Whenever there’s an announcement of a storm coming our way, it brings back bad memories. For some, even thunder and lightning are a trigger,” he says.

Back in 2017, Mohammid took shelter in a bathroom with his mother, father, sister and nephews when Irma’s category five winds tore the roof from his parents’ home.

His own uninsured two-bedroom property was also badly damaged. He was one of several Barbudans to receive a new house through assistance from international donors.

Courtesy Mohammid Walbrook Mohammid Walbrook looks into the camera in this headshot. His head is shaven and he sports a bushy black beard with some grey hairs. Courtesy Mohammid Walbrook

Mohammid Walbrook survived Hurricane Irma

While some Caribbean countries – like British territory Turks and Caicos, also battered by Irma – have emergency cash reserves that can help with post-storm restoration, others do not have that luxury.

For deeply indebted nation Antigua and Barbuda, agencies like the United Nations Development Programme (UNDP) are a lifeline in the aftermath of a natural disaster.

The country’s prime minister Gaston Browne estimated the cost of rebuilding Barbuda after Irma, where 90% of buildings were damaged, topped $200m (£148m). Help came from China, the European Union and Venezuela, among others.

In 2017, the UNDP stumped up $25m for Barbuda and the island country of Dominica, which was ravaged by Hurricane Maria that same month.

The money restored more than 800 wrecked buildings across the two islands. But the body’s intervention was crucial in other ways too.

With livelihoods destroyed, the UNDP’s cash-for-work programme hired hundreds of local residents who had suddenly found themselves unemployed.

They assisted with everything from debris removal to reconstruction of homes and infrastructure, including Barbuda’s hospital and post office, the UNDP’s Luis Gamarra tells the BBC.

“Injecting economic resources into affected families helps reactivate the local economy,” he says.

Almost 1,000 contractors were also trained in more resilient “build back better” techniques, to safeguard structures against future disasters.

“The climate is changing and putting more pressure on governments and communities. Storms are becoming more frequent, more intense and happening earlier in the year too,” Mr Gamarra continues.

He thinks the expansion of partnerships with the private sector and with other countries in the region might help mitigate the impacts.

One such mechanism is the Caribbean Catastrophe Risk Insurance Facility, of which 19 Caribbean governments are members. Set up after Hurricane Ivan in 2004, the first-of-its-kind risk-pooling venture allows member governments to buy disaster coverage at low cost.

Last year it made record payments topping $85m to Hurricane Beryl-hit islands.

In Antigua and Barbuda, hurricane preparedness is a year-round endeavour, explains Sherrod James, director of the country’s office of disaster services.

Assessments of buildings to be used as storm shelters, along with training of volunteers to man them, starts months before the season starts, he says.

“We also meet with the private sector, helping them put policies and preparations in place, looking at the safety and resilience of their buildings. We make sure our critical partners, such as the ports, are prepared.

“And we do a lot of proactive work to address chokepoints within waterways that can exacerbate flooding,” adds Mr James. “These days, storms can go from a category one to five in a day. The new norm has thrown out the old regiment of what has to be done; we have to be much more proactive now.”

For many Barbudans, this time of year will always bring trepidation. Dwight was among dozens who recently attended a Hurricane Irma remembrance service at the island’s Pentecostal Church.

“It was very touching and brought back a lot of memories,” he says. “This time of year, we keep an eye on the weather and our fingers crossed. But we are resilient people and we know how to survive.”



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Billions to be paid! US starts refund process for Trump tariffs: Can Indian exporters claim? – The Times of India

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Billions to be paid! US starts refund process for Trump tariffs: Can Indian exporters claim? – The Times of India


To receive repayments, importers in the US are required to submit claims which include shipment details, applicable tariff classifications. (AI image)

The US government has rolled out a system to facilitate refunds of over $166 billion from tariffs introduced by Donald Trump and later invalidated by the US Supreme Court. In February, the court struck down a broad set of reciprocal tariffs, delivering a significant setback to a central pillar of Trump’s economic agenda and paving the way for repayments.On Monday, US Customs and Border Protection announced that the first phase of its refund-processing platform is now operational, allowing importers and customs brokers to begin filing claims to recover the duties they had paid.The agency had earlier estimated in March that more than 330,000 importers may qualify for reimbursements on duties or deposits linked to over 53 million shipments. In its initial rollout, the platform covers about $127 billion in duty payments eligible for electronic refunds.

Tariff refunds What US Customs and Border Protection has said

The process to return reciprocal tariff payments starts on April 20 through a newly launched online platform, CAPE (Consolidated Administration and Processing of Entries), operated by US Customs and Border Protection.This move follows a February 20, 2026 judgment by the US Supreme Court, which ruled that tariffs introduced by Donald Trump were unlawful. The court found that these duties had been imposed under the International Emergency Economic Powers Act without adequate legal backing.Also Read | Iran has closed Strait of Hormuz completely: What does this mean for India’s crude oil, LPG, LNG supplies?The tariffs impacted a wide range of exports from countries including India. To receive repayments, importers in the US are required to submit claims which include shipment details, applicable tariff classifications and proof of payment. Once approved, these refunds along with interest are expected to be processed within 60 to 90 days. Eligibility is limited to those who originally paid the tariffs, primarily US importers and businesses.The total amount to be refunded is estimated at around $166 billion, with nearly $12 billion tied to Indian goods.The tariff structure began at 10% on April 2, 2025, before escalating quickly. Duties on Indian goods increased to 25% by August 7, 2025, and further to 50% by August 28, remaining at that level until early February 2026. On February 6, 2026, rates were lowered to 18% following negotiations. However, the Supreme Court’s ruling later that month nullified the entire regime, effectively rendering the tariffs void and paving the way for refunds.

What it means for India

Exporters and end consumers are not permitted to file claims directly, although some companies, such as FedEx, may opt to pass on the refunded amounts at their discretion.According to Global Trade Research Initiative (GTRI), around 53% of India’s shipments to the US, which largely comprises textiles and apparel, were subject to higher tariffs. This makes them the largest contributors to the refund pool. Of the nearly $12 billion tied to Indian exports, textiles and apparel are estimated to account for around $4 billion, followed by engineering goods with a similar share and chemicals contributing about $2 billion, while other sectors make up the remainder.However, what is important to understand is that these refunds will not flow directly to Indian exporters. The payments are meant only for US importers who bore the tariff burden.Also Read | Explained: On way to 4th largest, how India slipped to 6th rank & what it means for 3rd largest economy dream“Payments go only to US importers, and exporters have no legal right to claim them. Indian exporters, therefore, have no direct legal route to claim refunds,” explains Ajay Srivastava, founder of GTRI.Hence, any potential recovery of these refunds will depend on commercial discussions. Exporters will need to actively engage with their US counterparts to negotiate a share of the refunded duties, particularly in cases where earlier pricing factored in tariff costs. GTRI explains that this can be done by reopening contracts, adding rebate-sharing clauses, asking for price revisions or credit notes, and using invoices and tariff data to show how costs were absorbed. “Exporters with stronger bargaining power, especially in textiles and engineering goods, may secure better terms in future orders,” the think tank says.Industry bodies such as the Apparel Export Promotion Council, Engineering Export Promotion Council of India and Chemexcil can also assist exporters with guidance on contract renegotiation and sector-specific approaches, it adds.



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Apple names new boss to replace Tim Cook after 15 years

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Apple names new boss to replace Tim Cook after 15 years



John Ternus will take over running the technology giant as Cook steps up to become executive chairman.



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SBP receives final $1bn from Saudi Arabia, bringing total deposit reaches $3bn – SUCH TV

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SBP receives final bn from Saudi Arabia, bringing total deposit reaches bn – SUCH TV



The State Bank of Pakistan (SBP) has received $1 billion from the Ministry of Finance of the Kingdom of Saudi Arabia, marking the second tranche of a $3 billion deposit agreed recently, the central bank said on Tuesday.

According to the statement issued by the central bank, the second tranche was received with a value date of April 20, 2026.

The first tranche of $2 billion had already been received on April 15, 2026, bringing the total inflows under the arrangement to $3 billion.

The development comes days after Prime Minister Shehbaz Sharif’s visit to Saudi Arabia, where he engaged in diplomatic efforts aimed at promoting regional peace.

During his visit, the premier met Crown Prince Mohammed bin Salman in Jeddah and expressed appreciation for the Kingdom’s continued support for Pakistan’s economic stability. He also conveyed solidarity with Saudi Arabia in light of recent regional developments.

Earlier on April 16, Finance Minister Muhammad Aurangzeb had announced that Saudi Arabia would provide $3 billion in additional financial support, with disbursement expected shortly.

He also noted that Riyadh had extended the tenure of its existing $5 billion deposit, removing the earlier annual rollover requirement.

The Saudi funding has strengthened Pakistan’s external position as it repaid $2 billion in debt to the United Arab Emirates (UAE).

The amount was kept with the central banks as a safe deposit.

Saudi Arabia has been a key financial partner for Pakistan, having provided support packages during previous economic challenges, including a $6 billion assistance programme in 2018 comprising deposits and oil facility arrangements.



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