CCRIF executive highlights significance of catastrophe risk insurance
Published:Friday | November 10, 2023 | 12:09 AMChristopher Serju/Senior Gleaner Writer
The importance of catastrophe risk insurance, especially in the face of a changing climate, cannot be overemphasised and must be viewed as an essential component within Government’s fiscal policy frameworks and an important climate change adaptation strategy. This according to Saundra Bailey, a board member of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC 2023 Scholarship Awards Ceremony and Launch of the 2024 CCRIF Scholarship Programme.
Bailey said this was especially important as the region strives to advance the 17 Sustainable Development Goals set by the United Nations. She highlighted the fact that CCRIF recently published a children’s book which was being distributed across the region and was available to all.
“We believe that it is important to build awareness of disaster risk management and climate change adaptation at this early stage of development. This children’s booklet on hazards, disasters and climate change has been distributed across schools and libraries in the Caribbean,” she told the audience at the Regional Headquarters of The University of the West Indies (UWI), Mona campus, on Tuesday.
She continued: “We have other exciting ideas not only for the UWI but for other tertiary educational institutions in our region. We need to work with you as innovation and research hubs to build the talent pool and skill sets in the area of catastrophe risk modelling. This will be beneficial not only to CRIFF whose core work is based on catastrophe risk models but to other organisations across the region. Our parametric insurance products are underpinned by these models.”
She then threw out this challenge to the scholarship awardees.
“I challenge you to use this opportunity to define your success and shape your future and be an agent of change. The Caribbean and the world need good and positive change. This scholarship is just a start but a start in the right direction. Think big, dream big. Vision for your future and for your country. Remember the soft skills, they are just as important as the technical skills.”
In the meantime, Sandrea Maynard, pro-vice chancellor for global affairs at The UWI, spoke to the prospects for the future, coming out of the longstanding relationship with the CCRIF.
“We are committed to explore new and exciting collaborations, including research, teaching and learning and particularly in the areas of disaster risk management, disaster risk financing, and of course climate change adaptation.”
Responding on behalf of the awardees, Patrick Burke, recipient of a 2023 postgraduate scholarship to The UWI, gave a commitment to excel.
“This serves as a big motivation to all of us and we will be making huge efforts to exceed your expectations and be the best we can be in our endeavours.”