CCRIF SPC on September 7, disbursed approximately US$7.2m to the Government of Haiti on its Excess Rainfall (XSR) parametric insurance policy following the passage of Tropical Cyclone Laura.
According to CCRIF SPC, Haiti also received a pay-out of US$290,925 under the Aggregate Deductible Cover (ADC). The total insurance pay-outs to Haiti as a result of Laura fell within the 14-day stipulation for post catastrophe payments.
This is Haiti’s fourth pay-out from CCRIF, as previously the country received pay-outs of US$7.8m following the 2010 earthquake, US$20.4 million on the country’s TC policy following the passage of Hurricane Matthew in 2016, and US$3.0 m on the country’s XSR policy for that same event. The CDB has been paying Haiti’s insurance premiums “either fully or in part since 2010, in support of that country’s overall disaster risk management strategy & resilience-building agenda” (CBR)
Extract from CARICOM BUSINESS Vol. 3 No. 37
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