Comments on: Could Haiti Have Insured Against Earthquake Catastrophe? It did!

By: Gina Sanguinetti

Gina Sanguinetti — Wed, 27 Jan 2010 17:15:32 +0000

Some clarifications re CCRIF and the payout to Haiti after the devastating earthquake:
Haiti\’s earthquake premium was $385,000 which was the basis for the approximately $8M payout – which was abut 20 times the amount of the premium. This premium is 15% of the total policy premium of $2.57M, the remainder of which was for coverage against hurricane damage which of course was not triggered by the earthquake.
Once it was determined that the policy would be triggered because of the magnitude and location of the earthquake, the payment was calculated almost immediately and the payout made quickly. Unlike the more familiar indemnity insurance policies, payment was not dependent on after-the-event damage and loss estimation.

By: Curt Muller

Curt Muller — Mon, 18 Jan 2010 05:57:27 +0000

Thanks for this enlightening post, Efinancial. It’s a good thing someone is watching the insurance fund that Haiti has been paying into, and seeing it get what it paid for in insurance coverage,

By: Lisa Montross

Lisa Montross — Mon, 18 Jan 2010 05:54:24 +0000

One of the best idea I have read to come out of this disaster is to allow displaced Haitians to come to the United States and live and work. If there is no economic future in Haiti then let’s not leave them to whither and die after surviving this horrible destruction.

By: Anthony Douglas

Anthony Douglas — Mon, 18 Jan 2010 05:48:58 +0000

Reading between the lines of this blog post, it appears to me that the World Bank’s Haiti Catastrophe Insurance Project and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) are shortchanging Haiti. The original premium amount was reportedly in the millions of dollars. How then, can the insured loss amount come to only $8 million?? I hope someone will challenge the CCRIF to demonstrate what it has been paid in premiums and what is owed to Haiti as a result of this disaster!

By: Phillipe

Phillipe — Mon, 18 Jan 2010 05:41:33 +0000

Read the history of this ravaged Caribbean nation that shares its geography with the Dominican Republic, and the plight of colonial oppression reveals its ugly head. Haiti was once the richest jewel in the Caribean until it revolted against the enslavement of its people by France. It then spent decades making financial reparations to France, England, and others, as compensation for its own freedom?! Haiti has paid its debt to the world’s imperial powers. It’s time for the world to forgive Haiti for any debt it has left owing and help it stand on is own two feet again.

By: Jonathan

Jonathan — Mon, 18 Jan 2010 05:37:00 +0000

My heart goes out to the people of Haiti whose lives have gone from bad to worst. I only hope that since America is committing its military, and so many hospital ships, air cargo and volunteers, the rest of the world will join with us in the rescue effort with equally great financial contriibutions.