Haiti - Security : Grant to pay Haiti's insurance premium
For the fourth consecutive year the Caribbean Development Bank’s (CDB) Board of Directors approved a grant of USD3.5 million for the full payment of Haiti’s premiums on earthquake, tropical cyclone and excess rainfall policies. The approved grant covers insurance for the period June 1, 2016 to May 31, 2017.
Given Haiti’s fragility and high vulnerability to natural hazards, the Bank committed to paying its annual Caribbean Catastrophe Risk Insurance Facility (CCRIF) premiums, as part of the CDB country partnership strategy for Haiti for the period 2013-2016.
Recall that Haiti and other member countries of CCRIF, the world’s first multi-country catastrophe risk pooling facility, benefit from sovereign insurance at affordable rates. Through CCRIF, countries receive timely, rapid cash payments after among others an earthquake, hurricane, flood, that have a significant impact on their national economies.
The grant is being paid under the Eighth Cycle of the Special Development Fund, the focus of which includes promoting environmental sustainability and climate change resilience.
