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Last Updated: Feb 8th, 2008 - 13:57:36 |
Source: http://www.caribbean360.com/News/Business/Stories/2008/02/06/NEWS0000005424.html
Governments participating in the Caribbean Catastrophe Risk Insurance Facility (CCRIF) which gives financial support to countries in the event of a natural disaster will pay 10 percent less in premiums this year. And they're also being promised settlement of claims in as little as two weeks.
The moves approved by the CCRIF's Board of Directors are among several measures to be implemented for the 2008 renewal period.
"Maximum available coverage will increase from US$50 million to US$100 million per peril and when a policy is triggered, a minimum payout will be made equivalent to the amount of the annual policy premium," the directors indicated in a bulletin.
"Payouts will also be speeded up so that legitimate claims can be settled in as little as 14 days."
They say the changes "are all meant to further satisfy the objective of the CCRIF member governments, which is to provide a way to fill the liquidity gap after a natural catastrophe."
One of the proponents of the changes was Jamaica's Minister of Finance and the Public Service, Audley Shaw who noted that measures implemented by Caribbean nations to mitigate risk posed by natural disasters should be useful and affordable.
"The implementation of the suggestions made by myself and other Caribbean member governments to provide wider hurricane coverage for more frequent events, as well as the reduction in premiums, means that member governments now have access to a more comprehensive facility for the overall benefit of its citizens," he said.
Chief Executive Officer of Caribbean Risk Managers and Supervisor of the Facility, Dr. Simon Young indicated that the facility, the first multi-country risk pool in the world, had benefited a number of the 16 participating governments since its launch in 2007.
Those contributing the fund are Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and the Turks and Caicos Islands.
"As the first regional parametric insurance solution, the CCRIF is a work in progress. In our first year we've already made payouts to two Caribbean governments, Dominica and St. Lucia. We have listened closely to our member governments to ensure the usefulness and sustainability of the facility," he said.
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