Getting ready for hurricane season

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Limited capacity to borrow funds, lengthy aid disbursement procedures and limited access to insurance are the main setbacks faced in the immediate aftermath of a catastrophe by low-income disaster-prone countries. From the World Bank:

Caribbean States are highly vulnerable to natural disasters--on average, one major hurricane affects a country in the region every 2 years--and have only limited options available to respond. Most recently, losses resulting from Hurricane Ivan in Grenada amounted to 200% of Grenada's gross domestic product (GDP) and were significant in Jamaica and the Cayman Islands

This week, donors announced pledges of $47 million to a Regional Catastrophe Risk Insurance Pool for the Caribbean. This Caribbean-owned, regional institution is the first regional disaster insurance facility in the world. Pooling their risk will save the eighteen participating countries approximately 40% in individual premium payments. For more on cat risk see past conferences.

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