The Caribbean is a pioneer in disaster insurance
Too little, but not too late
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Hurricane Irma (2)
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ON SEPTEMBER 12th, before it could reckon how much damage Hurricane Irma had caused, Turks and Caicos got some heartening news. Within a fortnight the tiny Caribbean territory would get $13.6m to pay for disaster relief. Days earlier, Antigua and Barbuda, St Kitts and Nevis and Anguilla were pledged $15.6m. The sum, a substantial 1% of their combined GDP, won’t come from foreign do-gooders. It is a reward for home-grown prudence.
Like 13 other members of the Caribbean Community (Caricom) and Nicaragua, the four had been paying into the Caribbean Catastrophe Risk Insurance Facility …