JIS News

Chairman of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), Milo Pearson, says that the CCRIF has paid out approximately US$25 million to five countries in the region since 2010.
CCRIF is a multi-country risk insurance pool, specifically designated to assist countries in the Caribbean, which has been operating against the background of a very active Atlantic Hurricane season, and the devastating earthquake which affected Haiti.
The recently ended 2010 Atlantic hurricane season experienced 19 named tropical cyclones passing through the Caribbean. The CCRIF’s role in immediate post disaster recovery was once again highlighted during the season, as in September and November the governments of Anguilla, Barbados, St. Lucia, and St. Vincent and the Grenadines received payouts totaling just over US$17 million, following hurricanes Earl and Tomas.
“In January of this year, the CCRIF was the first organization to release funds to the government of Haiti after the devastating January 12 earthquake, where it paid almost US$8 million, based upon that country’s earthquake coverage limits,” he explained.
Mr. Pearson was addressing the official opening ceremony of the Fifth Annual Caribbean Conference on Comprehensive Disaster Management on Tuesday (December 7), at the Hilton Rose Hall Resort and Spa, Montego Bay. The conference runs from December 6 to 10 and is being held under the theme, “CDM: Strengthening Partnerships for Resilience”.
Highlighting the role of the CCRIF, Mr. Pearson underscored the importance of committed partnerships between participating countries in the facility, and its importance in regional disaster management. He said that his organization is committed to building partnerships for sustainability.
“We recognize that for the facility to operate successfully, it has to build partnerships that operate in a participatory and collaborative framework, geared towards advancing the sustainable prosperity of Caribbean countries,” he stated.
He noted that the CCRIF mission is to serve the governments of the Caribbean and their respective communities in reducing the economic impact of natural catastrophes, by providing immediate liquidity through a range of affordable insurance products, in a way that is financially responsible and responsive to their needs. Approximately 16 countries in the Caribbean are participating in the CCRIF.
Mr. Pearson pointed out that his organization is also developing strategic alliances with other organizations, with a view to assisting it in fulfilling its main objectives and, as such, has already signed Memoranda of Understanding (MOU) with The Caribbean Disaster Emergency Management Agency (CDEMA), The Caribbean Institute for Meteorology and Hydrology and the United Nations Economic Commission for Latin America and the Caribbean.
He added that the CCRIF is also working with regional and international organizations on collaborative projects, designed to develop institutions enabling environment and regional supporting mechanism for knowledge sharing, scaling up of good practices, capacity building and utilizing new technologies.