Gov’t extending Disaster Insurance Coverage

The Government has decided to extend its coverage under the Caribbean Catastrophe Risk Insurance Facility (CCRIF), to include the effects of flooding and periods of unusual rainfall, following discussions with the World Bank.
Minister of Finance and the Public Service, Hon. Audley Shaw, told a press conference at his Ministry in Kingston on Friday November 19 that the extended facility should come into effect by the end of January.
He said the decision was partly influenced by the considerable damage suffered during Tropical Storm Gustav in 2008, and Tropical Storm Nicole in late September.
Prior to the extension, Jamaica’s policy under CCRIF only covered the effects of earthquakes and hurricanes.
“This is an important point of departure, because we have always tended to feel that the big problem is hurricanes, and we first thought, well, the big problem was a direct hit…but with the flooding now with Gustav and with Nicole, we now find that we have to now widen it to accommodate the effects of flooding and rainfall and so on,” Mr. Shaw stated.
CCRIF is a risk pooling facility, owned and operated in the Caribbean for Caribbean governments. The facility was established with assistance from the World Bank.
Meanwhile, the Finance Minister reiterated that the Government will be seeking to access funds to deal with the effects of climate change, which have resulted in adverse weather conditions.
Mr. Shaw said the Government is hoping to use the climate change funds to repair gullies, install proper drainage infrastructure and advance its renewable energy programme.