Caribbean and Central American countries formalize partnership for catastrophe risk insurance
Nicaragua is the first Central American country to sign up to the insurance
Bridgetown, Barbados, December 9, 2014 – Yesterday, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made an official presentation of US$1,284,882 to the Government of Barbados. This payment was due to Barbados under its excess rainfall insurance policy which was triggered by rains from a trough system that occurred in the Eastern Caribbean on November 21 and 22 2014. Barbados was the only CCRIF member country with an excess rainfall policy that was affected by this trough system.
Hurricane Sandy passed through the Caribbean in October 2012, affecting three CCRIF member countries – Haiti, Jamaica and The Bahamas, although not to the extent of triggering their tropical cyclone policies.
This report was prepared at the request of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) with support from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to assess strategies for linking the ECLAC Damage and Loss Assessment (DaLA) Methology to the Post Disaster Needs Assessment (PDNA).Assessment_of_Strategies_for_linking_the_DaLA_and_PDNA_2014.pdf
The objective of this study is to determine whether the assessments carried out by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) on the impact of disasters over the past decade accurately captured the extent of the damage experienced by caibbean states during this period, by comparing these estimates to actual recovery costs incurred by country.Review_of_ECLAC_DaLA_Assessments_in_the_Caribbean_2014.pdf