News

Bridgetown, Barbados, 24 February, 2010 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) and the Caribbean Institute of Meteorology and Hydrology (CIMH) are launching their Regional Rainfall Model on Thursday, 25 February, 2010 at CIMH in Husbands, Barbados. This synthetic rainfall generation model will enable the provision of excess rainfall insurance policies for Caribbean countries via CCRIF, and will provide a valuable tool for the region aimed at better managing the risks of extreme rainfall events.

Port-of-Spain, Trinidad & Tobago, 22 February, 2010 – The Caribbean Catastrophe Risk
Insurance Facility (CCRIF) and the United Nations Economic Commission for Latin America and
the Caribbean (UNECLAC) will sign a Memorandum of Understanding (MOU) formalising a
partnership to facilitate capacity building and to develop strategies for mitigating the physical and
socio-economic impacts of natural disasters, such as hurricanes and earthquakes, on countries in the
region.

6 February, 2010 – As efforts in Haiti start focusing on providing shelter for earthquake survivors, on the re-building and reconstruction process, and on improving scientific understanding of earthquake risks, it is not too soon to focus also on hydro-meteorological hazards. The hurricane season starts in four short months – on June 1, and Haiti’s population remains amongst the most vulnerable in the world to rainfall, flooding and landslide hazards.

26 January, 2010 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) today paid the Government of Haiti US $7,753,579 following the Magnitude 7.0 earthquake which struck close to Port-au-Prince on 12 January, causing damage of catastrophic proportions. This represents the full amount due to the country based on its catastrophe insurance policy for earthquakes for the 2009/10 policy year, and which forms part of the country’s disaster risk management strategy. This value represents approximately 20 times the premium of US$385,500.

11am EST, January 13, 2010 - The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is preparing to make a payout to the Government of Haiti as a result of the Magnitude 7.0 earthquake which struck close to Port-au-Prince, Haiti yesterday. Haiti has an earthquake policy with CCRIF as part of the country’s disaster risk management strategy. The recent earthquake was of sufficient magnitude to trigger the full policy limit for the earthquake coverage, effecting payment after a 14-day waiting period.