The Caribbean Catastrophic Risk Insurance Facility (CCRIF) is preparing to make a payout to the government of Haiti.

Haiti has an earthquake policy with CCRIF as part of the country’s disaster risk management strategy.

The regional facility says the 7.0 quake was of sufficient magnitude to trigger the full policy limit for the earthquake coverage.

Based on preliminary calculations, Haiti will receive just under US$8 million which is approximately 20 times its premium for earthquake coverage of US$385,500.