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Last Updated: Oct 16th, 2006 - 09:05:18 |
Source: http://sun-weekend.com/paper/?asw=view&asw=view&sun=265638069810142006&an=291014036810132006&ac=Local
Yesterday convened the second regional meeting on the Caribbean Catastrophe Risk Insurance Facility, a workshop organised by the World Bank and Caribbean Development Bank that assesses how the region will address disaster coverage for the 2007 hurricane season.
The one-day workshop made in collaboration with the government of Jamaica, the Caricom Secretariat, and financed in part by the government of Japan is being held at the Caribbean Development Bank in Bridgetown, Barbados.
Following the devastation caused by natural hazards in the Caribbean in 2004, the Caricom Heads of Government asked the World Bank for assistance with gaining access to affordable and effective disaster risk financing arrangements. In response, the World Bank is developing a risk financing vehicle to allow Caribbean countries to pool natural disaster risks, reduce the cost of insurance, and ensure swift payment by the use of a parametric system of claims determination.
The participants in this workshop will review the Initial Results of Preparation Work on the CCRIF held in Kingston, Jamaica in April, and they will discuss its structure, how it operates, and how it benefits participating countries that are exposed to hurricane or earthquake risks.
The workshop is designed for officials from Ministries of Finance in the Caricom member and associate member countries, with responsibility for risk management and budget planning, as well as representatives from donor agencies who are interested in participating in this initiative.
This meeting will also help to prepare the ground for a formal donors pledging session in the new year. With the support of governments and donors, it is the general hope to have the facility operational before the 2007 hurricane season begins.
Deputy Director of the National Office of Disaster Services (NODS) Philmore Mullins said the facility is a critical factor in the region’s disaster preparedness.
Instead of the region being lumped into the North American region, the facility would allow the cost of insurance in the region to be based on our geographic space alone.
As it stands, the premium for insurance goes up whether or not there is a hurricane in the Caribbean, making the risks higher for higher insurance rates.
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