The Caribbean Catastrophe Risk Insurance Facility will make a payout of about US forty million dollars to the Government of Haiti following the devastating magnitude seven point two earthquake that struck the island on August 14th, significantly impacting the city of Les Cayes.
In a media release on Wednesday, the company said this payout represents the full coverage limit under the country’s parametric insurance policy for earthquakes for the 2021/22 policy year.
It said the company’s insurance policies are parametric; payouts are made within fourteen days of an event.
The company said to begin to support the people of Haiti as quickly as possible; it will provide a first tranche of US fifteen million dollars to the Government within one week of the event and the remaining amount of about US twenty-five million dollars within the fourteen day window, to allow for the independent verification of the model results.
The company said it will continue to provide earthquake coverage to Haiti for the remainder of the policy year which ends on May 31, 2022, under a special feature of the earthquake policy known as the Reinstatement of Sum Insured Cover.