Haiti Gets $40 Million After Earthquake That Launched CCRIF Parametric Insurance

The Haitian government will receive approximately $40 million after the CCRIF standard insurance policy was activated due to the devastating earthquake that struck the country on August 14, with $15 million to be delivered within 7 days of the event.

Image of the Haiti earthquake by Ralph Tedy Erol / AP

As we explained yesterday, we were expecting a payout, as Haiti has valid border insurance from CCRIF.

But CCRIF’s announcement a few days after the earthquake will give the Haitian government some relief, as it will make a vital US$40 million contribution to its financing and liquidity at a time when the country is already struggling with the pandemic.

CCRIF typically seeks payments for standard insurance within 14 days of a disaster, but in this case, the facility said it would pay the first $15 million premium within 7 days of the earthquake.

This will be very valuable funding for the response and recovery from the recent earthquake, helping the Government of Haiti to provide more support to those who need it and finance reconstruction.

The Minister of Economy and Finance of Haiti, Michel-Patrick Boisviert, commented: “The compensation provided by CCRIF to the Republic of Haiti in the aftermath of the earthquake of 14 August 2021 will help finance rapid and concrete government activities directed towards supporting the poor and vulnerable affected by the earthquake in the Grand-Sud region.

“Given the prevalence and frequency of natural disasters, access to standard insurance policies offered by CCRIF and other risk financing mechanisms makes it possible to better manage the impact of these disasters on public finances and enhance fiscal resilience in the medium term. For a country like Haiti, which is exposed to multiple natural disaster risks. It is essential for us to adopt preventive measures to reduce exposure to shocks, while improving disaster preparedness and response.”

Haiti’s payment of $40 million from this earthquake will represent the full coverage limit under the Standard Earthquake Insurance Policy for 2021/22.

However, Haiti will remain covered even after payment until the end of the policy year on May 31, 2022, as the RSIC policy feature introduced by CCRIF in 2017 provides access to coverage after the cap has been reached.

In 2010, the Haitian government received a $7.8 million payment from CCRIF after the devastating earthquake that year, but has since increased its standard earthquake insurance coverage, with a cumulative increase of about 400 percent, and then much larger this time.

These payments to Haiti will be the single largest return CCRIF has provided to date.

Since its establishment in 2007, CCRIF has made 53 payments totaling $242.4 million to 16 of its 23 members.

Of these, Haiti received five payments totaling $78.3 million, or 32% of all payments made.

Isaac Anthony, CEO of CCRIF, said, “Our thoughts and prayers are with the people of Haiti, who are aware of the multi-risk environment in which they live. CCRIF is delighted to be able to support Haiti in its time of need, providing these funds that can be used to help address the most urgent priorities. We continue to closely monitor the general situation in Haiti, including the passage of Tropical Cyclone Grace and its potential effects on the country, and stand ready to provide further support to our member country and its people in this time of crisis.”

This rapid thrust of Haiti in time of need after the devastating earthquake that killed more than 1,400 people is clear evidence of the value of parametric stimuli.

It is also clear evidence of the value of CCRIF, in using risk pool and reinsurance capital to help countries like Haiti secure important catastrophe risk financing protection.

Without a facility like CCRIF, it is unlikely that the Haitian government would have had this cover, or that it would have been able to provide access to sources of insurance and reinsurance capital without significant donor contributions.

CCRIF has helped make disaster risk transfer and financing more affordable and through its use of standard catalysts more responsive, while a regional risk pooling approach helps make reinsurance capacity affordable to support the facility as it grows.

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