Insurance to Sell Disaster Coverage in Haiti

Haiti is subject to catastrophic earthquakes, violent hurricanes, and deluges of rain on an intermittent basis.


The amount of damage done by these natural disasters adds up to hundreds of millions of dollars. While in the U.S., a significant number of the population carries disaster insurance, in Haiti its population of 10 million carries virtually none. Data collected shows only 0.3 percent insured against disaster occurrences. To address the financial loss the island experiences every time a natural disaster hits, two agencies have proposed solutions.

The International Finance Corporation, division of the World Bank, is launching a $1.96 million initiative to insure 70,000 small business owners without adequate disaster coverage. Without insurance, business owners can't pay their accounts, because losses have devoured whatever capital left. And a low credit rating disqualifies them for loans necessary to get their businesses operating again.

The Haiti Catastrophe Insurance Project is offering grant money so Haiti can become a member of the Caribbean Catastrophe Risk Insurance Facility (CCRIF). This exchange sells disaster insurance for earthquake and hurricane occurrences. The CCRIF is a program to judge the impact sufficient coverage will have in helping small business owners stay in business, strengthening Haiti's economy and moving it forward as an emerging nation.

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Read more: flood, Earthquake, hurricane, Disaster, Insurance, Disaster

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