Haiti Catastrophe Insurance Project
- The project successfully reduced Haiti's financial vulnerability to natural disasters by enabling participation in CCRIF.
- CCRIF provided a payout of US$7.75 million to Haiti following the 2010 earthquake, demonstrating its effectiveness.
- The project contributed to the sustainability of CCRIF, which has developed a robust claims-paying capacity.
- Haiti benefited from partial insurance coverage against hurricane and earthquake risks.
- The project increased awareness within the Ministry of Economy and Finance regarding the economic and fiscal impacts of natural disasters.
The Haiti Catastrophe Insurance Project was designed to reduce Haiti's financial vulnerability to natural disasters, specifically earthquakes and hurricanes. The project achieved this by providing an IDA grant that enabled Haiti to join the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and purchase financial protection against these catastrophic events. Given Haiti's fragile economic and fiscal situation, it was unlikely that the country would have been able to join this pilot initiative without the grant. The project supported the establishment and viability of the CCRIF, which required a minimum number of participating members to ensure its sustainability. The main beneficiary of the project was the government of Haiti, which gained the ability to respond more effectively to the immediate needs of the population affected by natural disasters.
How to cite
World Bank, 2011, Haiti Catastrophe Insurance Project, accessed via HaitiDocs, https://www.haitidocs.org/doc/wb-2011-haiti-catastrophe-insurance