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CDB to fund Haiti’s insurance against natural hazards

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CDB to fund Haiti’s insurance coverage towards pure hazards

Dec 09, 2021 (MENAFN by way of COMTEX) —

(MENAFN – Caribbean Information World)

BRIDGETOWN, Barbados – The board of administrators of the Caribbean Growth Financial institution (CDB) permitted funding for the total premium for pure hazard insurance coverage for Haiti; offering US$6.9 million as a grant on a one-time request by the Haitian authorities to cowl the premium of the Caribbean Disaster Threat Insurance coverage Facility Segregated Portfolio Firm (CCRIF SPC) for the interval 2021/22.

“Haiti faces critical challenges because of the mixed shocks of pure disasters, the COVID-19 pandemic, local weather change, political instability, and the heightened insecurity in a number of elements of the nation, which contribute to monetary uncertainty. The Caribbean Growth Financial institution is supporting the federal government and folks of Haiti as they negotiate these instances of unprecedented challenges,” stated CDB vice-president of operations, Isaac Solomon.

Haiti suffered its newest catastrophe in August this yr, with the prevalence of a 7.2 magnitude earthquake, epicentred within the southwest peninsula, near Les Cayes. The occasion resulted in 2,248 deaths whereas 12,763 individuals sustained accidents and 329 individuals are lacking. Greater than 52,950 homes have been destroyed, and over 77,000 have been broken within the three most affected areas Sud, Grand Anse and Nippes. In whole, some 690,000 individuals have been displaced.

This occasion triggered the biggest single payout by CCRIF SPC, with a complete of US$40 million.

Having been a member of CCRIF SPC, co-founded by CDB, since its begin in 2007, Haiti partly lined its annual insurance coverage premium since 2018. Nonetheless, the Haitian authorities is unable to contribute to the fee of the CCRIF SPC premium this coverage yr because of the affect of the continuing COVID-19 pandemic amongst different social and financial challenges.

CCRIF SPC has enabled CDB’s Borrowing Member Nations to buy disaster threat insurance coverage at 40-50 % lower than the associated fee they might incur had they approached the insurance coverage market individually.

Haiti is ranked among the many world’s most hazard-prone nations, being in danger for hurricanes, storms, floods, droughts, earthquakes, and landslides. Having been affected by quite a few main pure disasters, Haiti misplaced an estimated 2 % of annual gross home product on common between 1976 and 2020 whereas almost three in 4 households have been economically impacted by no less than one shock yearly.


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