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Haiti - Earthquake: The CCRIF will pay nearly $40M compensation to Haiti
22/08/2021 09:01:03

Haiti - Earthquake: The CCRIF will pay nearly $40M compensation to Haiti
Following a devastating magnitude 7.2 earthquake that struck Haiti on August 14th https://www.haitilibre.com/en/news-34525-haiti-flash-the-toll-is-growing-nearly-15-000-victims-partial-assessment.html CCRIF SPC (formerly the Catastrophe Caribbean Risk Insurance Facility) is preparing to make a payment to Haiti of approximately US$ 40 million, representing the maximum coverage limit for benefits under the policy Haiti's parametric insurance for earthquakes for the current insurance year.

To support the Haitian people as quickly as possible, the CCRIF will pay a first tranche of US $15 million to the Government in the coming days and the remaining amount of approximately US $25 million in a 14-day window,

According to Michel Patrick Boisvert, Minister of the Economy and Finance, "The CCRIF payment to Haiti will help finance rapid and tangible government activities aimed at supporting the most vulnerable people affected by the earthquake."

Recall that since 2010, the Haitian Government has continued to increase its parametric insurance coverage for earthquakes, the cumulative increase being around 400%. This increased coverage was made possible thanks to the support of insurance premiums initially paid by the Government of Canada, then since May 2013 by the Caribbean Development Bank (CDB), https://www.haitilibre.com/en/news-17545-haiti-security-grant-to-pay-haiti-s-insurance-premium.html to insure the country against earthquakes, hurricanes and excessive rainfall.

Note that CCRIF will continue to provide earthquake coverage in Haiti for the remainder of the insurance year ending May 31, 2022, under a special feature of the policy known as Recovery. of insured coverage (RSIC). Which since 2017 allows access to coverage even after the maximum coverage limit of a country has been reached.

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