Dionne Rose, Staff Reporter

Ronald Jackson, acting director general of the Office of Disaster Preparedness and Emergency Management (ODPEM), has welcomed the establishment of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for the region.

The CCRIF is the world's first ever multi-country catastrophe insurance pool, which will provide participating governments from the region with immediate access to funds if hit by a hurricane or earthquake.

"It is certainly a long-awaited and a welcome addition to the methods that we have now to aid our recovery process," he said as he pointed out that the most recent hurricanes had cost the country immensely.

"To have a fund that a country can draw down on to aid its recovery efforts, we welcome that," he said. "We think that it should have perhaps happened some time ago but ... nothing before its time."

Last weekend, donor countries and entities pledged US$47 million to the insurance pool. Canada, France, the United Kingdom, the Caribbean Development Bank and the World Bank made pledges at a conference hosted by the World Bank in Washington, D.C. in the United States.

Effective in June

Jamaica is among 18 Caribbean countries which will participate in the fund. The participants are expected to contribute to the fund, which is expected to become effective in June.

According to a release from the Jamaica Information Service, Dr. Omar Davies, Minister of Finance and Planning, who was also in attendance at the conference, also welcomed the initiative.

"There is always an immediate need for resources to cover emergencies, for clean-up-operations, to effect immediate repairs and to assist the most vulnerable individuals and groups," Dr. Davies said.

Meanwhile, Mr. Jackson said Jamaica's own local National Disaster Fund (NDF) would also need boosting and pointed out that both would have to work in tandem.

"From my point of view, both should work hand in hand," he said.

He recommended that the country should continue to grow the NDF to address the cost for response and recovery while the CCRIF would address the rehabilitation and reconstruction aspects of the post-disaster phase.

He said that during the past fiscal year, an addition was made to the fund which currently stands at $50 million.

According to the Planning Institute of Jamaica, the country suffered damage amounting to $6 billion from hurricanes Dennis and Emily in 2005, and $36.8 billion from Hurricane Ivan in 2004.

dionne.rose@gleanerjm.com