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Caribbean Development Bank agrees to fund Haiti’s insurance against natural hazards

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Posted: Friday, December 10, 2021. 2:11 pm CST.

By Rubén Morales Iglesias: The Caribbean Development Bank (CDB) on Thursday approved a US$6.9 million grant to fund the full premium for Haiti’s natural hazard insurance.

CDB said in a statement that Haiti made a one-time request to cover the premium of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) for the period 2021/22.

“Haiti faces serious challenges due to the combined shocks of natural disasters, the COVID-19 pandemic, climate change, political instability, and the heightened insecurity in several parts of the country, which contribute to financial uncertainty,” said CDB Vice-President of Operations, Isaac Solomon.

“The Caribbean Development Bank is supporting the Government and people of Haiti as they negotiate these times of unprecedented challenges.”

The statement said, “Haiti is ranked among the world’s most hazard-prone countries, being at risk for hurricanes, storms, floods, droughts, earthquakes, and landslides”.

Just four months ago in August, a 7.2 magnitude earthquake shook Haiti killing 2,248 persons while injuring 12,763. 329 persons were reported missing. The quake destroyed more than 52,950 houses and caused damage to over 77,000. The CDB said approximately 690,000 persons were displaced.

This event triggered the largest single payout by CCRIF SPC, with a total of US$40 million.

The CDB, which has aided Haiti before by partly covering its annual insurance premium since 2018, decided to fund the payment of the CCRIF SPC premium this policy year because of the impact of the ongoing COVID-19 pandemic among other social and economic challenges.

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