LocalNews

Canada to assist Dominica with catastrophe premium payments

by: Dominica Vibes News - September 5, 2018
451 Views   no discussions

Parliamentary Secretary in the Ministry of International Development in Canada Kamal Khera

Canada will be funding Dominica’s Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Premium (CCRIF SPC ) for the next two years.

In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world, and was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets. It was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.

Parliamentary Secretary to the Minister of International Development in Canada Kamal Khera made this announcement at a press conference held together with Prime Minister Roosevelt Skerrit on Wednesday 5 September 2018.

“This project will also fund Dominica’s Caribbean Catastrophe Risk Insurance Facility Premium for the next two years so that essential services can continue in the event of future crisis.”

She said in the wake of Hurricane Maria Canada has provided technical assistance to help set up the Climate Resilient Execution Agency of Dominica.

Canada she added “will continue to support you in your efforts.”

In 2017, Dominica’s payout from the CCRIF SPC was nineteen million, two hundred and ninety-four thousand, eight hundred US dollars.