Thursday, December 9, 2021, the Board of Directors of the Caribbean Development Bank (CDB) has today approved funding for the full premium for natural hazard insurance for Haiti. The Bank is providing US$6.9 million as a grant on a one-time request by the Haitian Government to cover the premium of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) for the period 2021/22.

Note that it will be 11 years that the CBD has assumed in part or in whole, instead of Haiti, the parametric insurance premiums against damage resulting from hurricane, earthquake and excess precipitation https://www.haitilibre.com/en/news-21157-haiti-security-cdb-will-once-again-pay-insurance-premiums-for-haiti.html

"Haiti faces serious challenges due to the combined shocks of natural disasters, the COVID-19 pandemic, climate change, political instability, and the heightened insecurity in several parts of the country, which contribute to financial uncertainty," said CDB Vice-President of Operations, Isaac Solomon.

Haiti suffered its latest disaster in August this year, with the occurrence of a 7.2 magnitude earthquake, epicentred in the southwest peninsula, close to Les Cayes https://www.haitilibre.com/en/news-34681-haiti-earthquake-latest-assessment-of-civil-protection.html

This event triggered the largest single pay-out by CCRIF SPC, with a total of US$40 million https://www.haitilibre.com/en/news-34551-haiti-earthquakethe-ccrif-will-pay-nearly-$40m-compensation-to-haiti.html

Having been a member of CCRIF SPC, co-founded by CDB, since its start in 2007, Haiti partly covered its annual insurance premium since 2018. However, the Haitian Government is unable to contribute to the payment of the CCRIF SPC premium this policy year.

See also :

https://www.haitilibre.com/en/news-34551-haiti-earthquakethe-ccrif-will-pay-nearly-$40m-compensation-to-haiti.html

https://www.haitilibre.com/en/news-25610-haiti-economy-official-opening-of-the-national-office-of-the-cbd-in-haiti.html

https://www.haitilibre.com/en/news-25382-haiti-security-grant-of-$3m-from-the-cbd-to-help-haiti-pay-its-insurance-premiums.html

https://www.haitilibre.com/en/news-22994-haiti-economy-the-cbd-proposes-a-$100m-program-for-haiti.html

HL/ HaitiLibre