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BVI will be financially covered if another disaster hits

Premier Dr D Orlando Smith

The British Virgin Islands will have quick access to needed funds for recovery if another natural disaster devastates the territory.

This will become possible through the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC); an organisation in which the BVI is working to become a member.

The CCRIF SPC is a regional catastrophe fund created for Caribbean and Central American governments, to limit the financial impacts of devastating natural disasters.

The organisation helps to mitigate cash-flow problems in disaster-affected countries, and offers coverage for hurricanes, earthquakes, cyclones, excess rainfall, among other disasters.

Ready for 2018

Premier Dr D Orlando Smith told journalists on Thursday that he anticipates the BVI will become a member country of the CCRIF SPC in time for the upcoming hurricane season that begins June 1. He said the territory will be eligible for funds from the CCRIF SPC if a disaster hits this year.

“We are at the moment having a discussion with the organisation and I’m sure it (a membership agreement) will soon be accomplished,” said Premier Smith at a media conference yesterday, April 12.

This is welcomed news for the BVI, which was determined to be ‘too rich’ to benefit from UK financial assistance after Hurricane Irma last year.

This subsequently retarded the BVI’s recovery process during the initial stages.

Since then, however, international authorities have amended its policy so countries like the BVI can receive assistance when it is affected by a ‘catastrophic humanitarian crisis’.

Meanwhile, current member countries in the CCRIF SPC include Anguilla, Antigua & Barbuda, The Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, Nicaragua, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Trinidad & Tobago, and Turks & Caicos Islands.

Editor’s Note: The Caribbean Catastrophe Risk Insurance Facility is a ‘segregated portfolio company’ so it has opted to add the letters ‘SPC’ to its abbreviated name, CCRIF

Copyright 2018 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

15 Comments

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  1. Wes says:

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 1

    So why we only now doing this?

    • @Wes says:

      Well-loved. Like or Dislike: Thumb up 15 Thumb down 1

      Because everyone in Government fighting to be the leader and playing politics while the country suffer. All the noise we heard in HOA weeks ago we didn’t hear one solution or precautionary measure from the grumbling members, just a bunch of hogwash. These are the things we want to hear from our leaders about not the other petty power fighting nonsense.

  2. EastMan says:

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    Question. How much are we paying for the privilege? What are the conditions?

  3. GM says:

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 1

    The NDP exaggerated the GDP that is why we couldn’t get help form some other countries because they said that we were rich and could handle our own affairs

  4. Charnele says:

    Well-loved. Like or Dislike: Thumb up 12 Thumb down 0

    Now you want the Caribbean countries, when it’s beneficial to you. Usually the people of the BVI Don’t think the Caribbean people are worthy treating them like dirt. Now you suddenly realise you need us when it’s convenient to you.

    • Tolian to the Bone says:

      Hot debate. What do you think? Thumb up 6 Thumb down 3

      @Chanele, Ma’am, because of Caribbean people travelling here for a better life, which is everyone’s right under Heaven, we are outnumbered in our country. We are overrun, gridlocked, called down and stepped on by persons moving to our shores, white and black. Trust me it is not a good feeling. There is sometimes another side to the story. We have to endure strip clubs and brothels along with trying to keep our family’s moneys in our husband’s pockets as he traverses the streets of the BVI. It’s okay. You are not alone. As a BVIslander I feel set upon and ill-treated in my beautiful home.

  5. E.Leonard says:

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    The BVI lying latitude 18 degrees, 25’, 5.12” N and longitude 64 degrees, 35’, 7.55 W makes it highly vulnerable every year to being hit by hurricanes and other tropical systems. August and September 2017 made this a very clear reality; on 07 August, it was inundated by a historic flood and on 07 and 20 September, it was ravaged by two catastrophic, Cat 5 hurricanes, Irma and Maria, respectively. Further, the BVI is also prone to other natural disasters, ie, earthquakes, tsunamis……..etc.

    Consequently, the BVI should always have had insurance in place to quickly address post disaster(s) damages and recovery. Clearly, the BVI does not have adequate resources in reserve for self insurance to cover post disaster(s) recovery efforts. Thus, it is a forward looking and lesson learnt move by the Premier to procure insurance to quickly cover incurred damages and losses.

    Moreover, predisaster preparedness must be tackled with the same energy as post-disaster prepareness, ie, securing public and private property, providing structurally sound rideout shelters, identifying and training assessment teams, providing early and ongoing communications (radio, TV, telecommunications), issuing timely watches and warnings…….etc, assisting/transporting needy residents to structurally sound shelters, developing and implementing a strong and functional resources distribution plan(s), moving and propositioning critical equipment and other assets to higher ground (also outside territory), signing mutual aid agreements with regional and other locales, putting in place a strong property insurance process and programme, providing education and training on the importance of insurance, putting in place a consumer protection agency ……….etc.

  6. Observer says:

    Like or Dislike: Thumb up 2 Thumb down 0

    This sounds good, however, we are still waiting for the promised assistance to repair and prepare following last year’s devastating hurricanes.

  7. Unfortunate says:

    Like or Dislike: Thumb up 3 Thumb down 0

    Takes a disaster for us to realize that we can work together. Why wasn’t BVI a member of this organization from the outset?
    And while we are on that, when is the BVI going to become a full member of the OECS or are we satisfied to continue being an associate member?

  8. rastarite says:

    Like or Dislike: Thumb up 1 Thumb down 1

    No need for house insurance now… Govt covering everything

  9. Lodger says:

    Like or Dislike: Thumb up 3 Thumb down 0

    How much will the annual premium be for this insurance? Nothing in life is free. Interesting point that we exaggerated our GDP and appear rich. It is now obvious that a large proportion lives well below the GDP. Poorly built, uninsured properties show the true level of our development. Where does all the money go?

  10. nalyd says:

    Like or Dislike: Thumb up 0 Thumb down 0

    We do need as much financial security as we can get, but who exactly set the fund up? That would be nice to know.

  11. real seekabay says:

    Like or Dislike: Thumb up 0 Thumb down 0

    Don’t really trust nothing coming out this blokes mouth right about now.

  12. JOE says:

    Like or Dislike: Thumb up 0 Thumb down 0

    Thanks for sourcing for way(s) out.We pray that we don’t witness such devastating monster natural disasters. We pray for God’s protection.But BVI needs to get intimate with God, imbibe and practice God’s love.

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