The Tribune

By JADE RUSSELL

jrussell@tribunemedia.net

BRITISH High Commissioner to The Bahamas Thomas Hartley yesterday announced the United Kingdom’s contribution of $3.4m to the new Caribbean Water-Utilities Insurance Company.

Mr Hartley made the announcement during the Caribbean Water and Wastewater Association conference.

In his remarks, Mr Hartley explained the purpose of the contribution for the Caribbean Water-Utilities Insurance Company (CWUIC).

“I am pleased to announce a contribution of over £3m ($3.4m BSD) from the UK for the new Caribbean Water-Utilities Insurance Company,” he said. “This contribution will build resilience for water and sanitation systems in the Caribbean, both with investments from the Inter- American Development Bank to reduce risk, but also rapid payouts to get services back up and running as soon as possible.”

Mr Hartley revealed the CWUIC will be rolled out from next year onwards.

It will offer insurance at a “far below commercial cost” due to the UK’s partnership with the Inter-American Development Bank (IDB) and the Caribbean Catastrophe Risk Insurance Facility (CCRIF), Mr Hartley said.

“Other countries – including The Bahamas – are strongly encouraged to join CWUIC quickly too,” he underscored.

“I am delighted that the scheme’s technical development is being supported also by the UK-funded Centre for Disaster Protection, and we’ll be hearing from Sophie Evans of the Centre shortly,” he said.

Additionally, Mr Hartley highlighted the devastation of Hurricane Dorian, as the Caribbean region is one of the most vulnerable to natural disasters in the world.

In his visit to Grand Bahama earlier this month he saw first-hand the devastation of homes, cars, and the catastrophic damage to mangroves and forests.

He went on to explain the impact of climate change, noting the importance of disaster risk reduction and disaster risk finance.

“Climate change amplifies risk with far-reaching consequences, especially on the most vulnerable: warmer water means bigger hurricanes.

“But with concerted action from all sectors, the impacts of climate change can be addressed: disaster risk reduction is crucial to this: it reduces and manages exposure to disasters.

“But for the most extreme risks, disaster risk finance such as insurance is a vital last line of defence. As home to the biggest insurance industry in the world, the UK knows this more than anyone else.

“For vulnerable communities and for governments, fast and reliable pay-outs enable quicker responses that can pre-empt damage; and early action is more cost-efficient and enables communities to recover more quickly,” he said.