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# Haitian Quake Could Mean “Significant Payout” From CCRIF
- URL: https://www.riskmarketnews.com/haitian-quake-could-mean-significant-payout-from-ccrif/
- Published: 2010-01-13T00:04:00.000Z
- Updated: 2010-01-13T00:04:00.000Z
- Author: Chris Westfall

Haiti will likely have a significant claim against the Caribbean Catastrophic Risk Insurance Facility (CCRIF) following the recent earthquake, according to Simon Young, PhD, CEO of CaribRM. 

CaribRM is a risk consulting firm that focuses on the Caribbean region and also acts as facility supervisor for the CCRIF.

“We’ve already done a preliminary calculation and Haiti could see a significant payout,” says Young. “Haiti did not have as much earthquake cover as hurricane, but that is typical of the region.”

Earlier today, the United States Geological Survey reported that a magnitude 7.0 quake struck about 10 miles southwest of the Haitian capital Port-au-Prince. 

The CCRIF was created in 2007 as a parametric catastrophe pool by 17 regional governments and the World Bank. 

Young described today’s earthquake as a fifty to one hundred year event for the northern section of the Caribbean Arc, a geological boundary within the region. 

Given that the quake occurred in a developing region, Young said he expects a majority of recovery and rebuilding funds to come from the public sector.

However, he adds that today’s event will also cause a reconsideration of earthquake risk in the Caribbean.

“There will be a lot of rethinking about the role of insurance and risk transfer and quake risks, especially given it was a very quiet hurricane season,” Young says.