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Caribbean Development Bank Grants $2.57M to Cover Haiti’s Insurance Premium

Posted byBy Megan Reed | Published on: CommentsComments (0)

haiti-earthquakeBRIDGETOWN, Barbados — The Caribbean Development Bank (CDB) will once again ensure that Haiti has insurance coverage to limit the impact of catastrophic hurricanes and or earthquakes. CDB is providing a grant of US$2.57 million to cover Haiti’s premium to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for the period June 1, 2014, to May 31, 2015.

The decision to provide the grant was taken at the 263rd meeting of the board of directors of CDB, which was held in Barbados on Oct. 16.

“On behalf of the Haitian government and Haitian people, I thank CDB for agreeing to make this payment to the CCRIF. This will ensure that the government is covered in the event the country is hit by a natural disaster during the coverage period,” said Hancy Pierre-Louis, Haiti’s director for CDB.

The fact that Haiti had no claims in the 2012-2013 period would have earned the country a rebate of US$1.285 million on its traditional premium. However, the Haitian government has elected to use the value of the rebate to secure policy coverage for the additional hazard of excess rainfall.

CDB also provided a grant of US$2.57 million to Haiti in 2013, for payment of its CCRIF premium for the period June 1, 2013, to May 31, 2014.

CCRIF, the world’s first regional insurance fund, is a parametric insurance facility, owned, operated and registered in the Caribbean for governments in the region. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short-term liquidity when a policy is triggered.

CCRIF was developed through funding from the Japanese government, and was capitalized through contributions to a multi-donor trust fund by the government of Canada, the European Union, the World Bank, the governments of the United Kingdom and France, CDB and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments.

CDB in August praised the inception of CCRIF’s excess rainfall insurance package and commended the countries in the region that have purchased a policy for 2014-15.

Source: caribbeannewsnow.com

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