Can Public-Private Insurance Provide Sufficient Disaster Coverage?

Simon R. Young, CEO of Caribbean Risk Managers Ltd. and facility supervisor of the Caribbean Catastrophe Risk Insurance Facility:"The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is the world's first multi-country risk pool, and is also the first catastrophe fund to utilize parametric policies. It oper-ates as a public-private partnership, pro-viding a joint reserve mechanism for Caribbean governments, designed to limit the financial impact of natural disasters by quickly providing liquidity when a policy is triggered. CCRIF represents a cost-effec-tive way to prefinance short-term sover-eign liquidity after a hurricane or earth-quake, filling the gap between immediate response aid and long-term redevelop-ment financing. CCRIF's role in compre-hensive disaster management is clearly highlighted in its response to the Jan. 12 earthquake in Haiti.

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