THE ISSUE OF INSURANCE for major catastrophes such as hurricanes and earthquakes in the Caribbean must be a priority on the agenda of the next meeting of CARICOM heads.
CARICOM chairman Dr Keith Mitchell said the question of providing for adequate levels of insurance to cover this kind of devastation must be addressed at the level of the CARICOM leadership, in light of the destruction caused in several Caribbean islands by Hurricane Irma last week.
The Caribbean Catastrophe Risk Insurance Facility was established a few years ago to provide CARICOM governments with an insurance instrument to address short-term liquidity needs of member states in the aftermath of natural disasters.
It provides participating governments with coverage tailored to needs at a significantly lower cost than if they were to purchase it individually in the financial markets. (GC)
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