Haiti helped by 1.4 million payouts from CCRIF SPC

The recent payouts of US$23.4 million, made by CCRIF SPC to Haiti, under the country’s tropical cyclone and excess rainfall policies, as a result of Hurricane Matthew’s passage through that country, have gone a long way.

 

Isaac Anthony, CEO of the Caribbean Catastrophe Risk Insurance Facility, referred to as CCRIF SPC, met with Haiti’s Minister of Finance, Hon. Yves Bastien and his advisors this week, to discuss the use of the disbursements.

 

At the meeting, Minister Bastien thanked CCRIF for the payouts and more so for the short timeframe in which the resources were received. He highlighted that although many have pledged support to Haiti in the aftermath of Hurricane Matthew, much of that assistance has not yet been received. He commended CCRIF on its model which guarantees payouts within 14 days of an event.

 

He indicated that total losses as a result of Matthew are estimated at US$1.9 billion or 20 per cent of the country’s gross domestic product (GDP). Minister Bastien said that while it may appear that the payment of US$23.4 million from CCRIF is small compared to total losses, it is very significant and so far has been able to provide much needed support as follows: provision of food and shelter to at least 1.4 million persons who were adversely affected and displaced by Matthew; the purchase of medication especially for children; unblocking of main roads by the Ministry of Public Works; providing aid to the agriculture sector; the purchase of tarpaulins for houses – some 18 000 houses in the South were without roofs and the replacement of roofs for schools, churches and court houses. Approximately 50 per cent of the payment remains to be spent.  

 

In his response, CCRIF CEO Isaac Anthony expressed condolences to the Government and people of Haiti on the loss of life and property as a result of Hurricane Matthew. He expressed CCRIF’s commitment to further lend support to the Government in implementing its comprehensive disaster risk management strategy, including finding solutions to increase the country’s catastrophe risk insurance coverage with CCRIF. He also outlined support for officials in the Ministry of Economy and Finance, the environment ministry, disaster management 

officials and the Meteorology Service to receive training in catastrophe risk management and risk transfer early next year through the CCRIF Training Programme.

 

A contingent from the Caribbean Development Bank (CDB) was also in attendance. A big thank you was issued for the Bank’s continued support to Haiti and in particular for the payment of Haiti’s insurance premium to CCRIF for the last five years.