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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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