Haiti Helps 1.4 Million People Affected By Hurricane Matthew With CCRIF’s Payouts

PORT-AU-PRINCE, Haiti, Nov 08 2016 – The CEO of CCRIF SPC, Mr. Isaac Anthony met with Haiti’s Minister of Finance, Yves Bastien and his advisors on Monday to discuss the recent payouts of US$23.4 million to Haiti made under the country’s tropical cyclone and excess rainfall policies, as a result of Hurricane Matthew’s passage through that country last month.

This is the largest payment ever made by CCRIF for a single event – with total payouts to Haiti representing approximately 46 percent of all payments made by CCRIF since its inception in 2007.  Haiti has received 3 payouts to date – one in 2010 following the devastating earthquake in January that year and these two for Hurricane Matthew.

Minister Bastien thanked CCRIF for the payouts and more so for the short timeframe in which the resources were received. He highlighted that although many have pledged support to Haiti in the aftermath of Hurricane Matthew, much of that assistance has not yet been received. He commended CCRIF on its model which guarantees payouts within 14 days of an event. He indicated that total losses as a result of Matthew are estimated at US$1.9 billion or 20 percent of the country’s gross domestic product (GDP). Minister Bastien said that while it may appear that the payment of US$23.4 million from CCRIF is small compared to total losses, it is very significant and so far has been able to provide much needed support.