News

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.

9pm EST, January 12, 2010 - A large earthquake struck close to Port-au-Prince, Haiti late this afternoon. The current United States Geological Survey (USGS) estimate is that the quake was a Magnitude 7.0 event at 10km depth just 15km southwest of Port-au-Prince. We have not yet been able to make contact with anyone in Haiti, but initial news wire reports suggest major if not catastrophic damage in the capital, and particularly in the areas of Pétion-Ville and Carrefour on the southern side of the city.

October 30, 2009 – The Caribbean Catastrophe Risk Insurance Facility announces the publication of the first issue of CCRIF News, a quarterly newsletter that provides recent news about CCRIF and its partners.  This issue discusses the recent Memorandum of Understanding signed between CCRIF and the Caribbean Disaster and Emergency Management Agency (CDEMA); presents CCRIF’s Strategic Plan to 2012; provides an update on the excess rainfall product being developed by CCRIF and the Caribbean Institute for Meteorology and Hydrology (CIMH) and Kinetic Analysis Corporation (Kinanco

September 23, 2009 – Students studying risk management and natural hazards-related subjects will soon benefit from scholarships to be offered by the Caribbean Catastrophe Risk Insurance Facility (CCRIF). This was recently announced by CCRIF’s Chairman Milo Pearson following the latest CCRIF Board Meeting in Jamaica. Pearson said that it was a move to give more help to member states to build their capacity to better deal with the physical and socio-economic impacts of natural catastrophes, particularly in the face of growing risks due to climate change.