At the start of the 2008 Atlantic Hurricane season, all sixteen original member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have signaled their continued support by renewing their 2008 policies. Additionally, one member government - Bermuda - has made a US$500,000 donation to the facility's reserves. In announcing the donation, Premier Ewart Brown said, "The government of Bermuda's commitment to proactive disaster mitigation is mirrored in the CCRIF concept. We are therefore very pleased to make this donation, not only because it strengthens the fund of which we are a member, but also because it supports a strategy all Caribbean governments can embrace - disaster risk must be managed long before the disaster."
Warren Smith, Director, Finance & Corporate Planning, Caribbean Development Bank (CDB), and a member of the CCRIF Board, agreed that the donation would allow Caribbean governments to continue to put measures in place that would help to protect Caribbean states from earthquake or hurricane disaster.
"As a joint reserve fund, the CCRIF allows Caribbean governments to purchase unique coverage not available in the commercial markets at rates only achievable through the pooled approach." He added, "With this donation the Bermuda government provided the kind of endorsement we need to strengthen our efforts."
Synchronous with policy renewals on 1 June, the facility successfully incepted reinsurance to a value of US$135 million, tapping both the international reinsurance and capital markets to cover the hurricane and earthquake policies renewed by the CCRIF's original governments.
In addition to the facility's achievement in the international reinsurance market, it has also received further support from existing member governments, several of which have increased their coverage for the 2008 year. The facility continues to pursue opportunities of additional participants from the region and additional policy types to offer to its participants.
Along with Bermuda 15 other countries are currently members of the fund: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, SAINT LUCIA, St. Vincent & the Grenadines, Trinidad & Tobago and the Turks and Caicos Islands.
Last year the CCRIF paid out approximately $1M to Dominica and SAINT LUCIA in the aftermath of the November 2007 earthquake that shook the Eastern Caribbean.
For more information visit:- http://ccrif.org
or Call the Ministry of Finance at 468-5520