CCRIF in Pact with Jamaica Government for $100,000 Sandy Disaster Relief

On Friday April 12, 2013 the Government of Jamaica and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) signed a Memorandum of Understanding (MoU), formalizing a donation of $100,000 made by CCRIF to the Government of Jamaica to support Jamaica’s post-disaster recovery and restoration initiatives following the effects of Hurricane Sandy in October 2012. The MoU signing and exchange took place at the Ministry of Finance and Planning in Kingston, Jamaica.

In its bulletin the CCRIF explained that Jamaica’s hurricane policy with the organization “did not trigger after Hurricane Sandy because losses were below the policy’s attachment point or ‘deductible.'”

In his remarks at the signing ceremony, CCRIF CEO, Isaac Anthony pointed out: “When a CCRIF policy is triggered it usually represents severe impacts with much death and destruction, because risk transfer represents that component of a country’s disaster strategy that comes into play when losses are so extreme that usual national budgets are not able to address the extent of losses.”

He added: “We believe that the CCRIF model, as an innovative risk transfer option, and has an important role to play in disaster risk management strategies for Caribbean countries vulnerable to hurricanes and earthquakes.”

He also noted that the CCRIF “is more than just an insurance company – it is a partner with our member countries in national development,” and it is in this light that the Board of CCRIF opted to make a discretionary grant to Jamaica to assist in post-Sandy recovery.

Within a month after the passage of Sandy, CCRIF began discussions with the Government of Jamaica to explore ways in which the Facility could provide assistance for the country’s recovery efforts. Based on discussions with Jamaica’s Ministry of Finance and Planning, the Office of Disaster Preparedness and Emergency Management (ODPEM) and other stakeholders, an agreement was reached to use the funds to support the rehabilitation of two residential childcare facilities – Muirton and Summerfield – which were damaged by the hurricane.

The bulletin also noted that “similar donations are being granted to Haiti and the Bahamas, two other CCRIF member countries which were badly affected by Hurricane Sandy. CCRIF is pleased to be able to help those countries to meet their priority needs in the aftermath of the hurricane.”

Source: The Caribbean Catastrophe Risk Insurance Facility

Topics Catastrophe Hurricane