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11 Aug 2010 description
report AlertNet

Written by: Anastasia Moloney

BOGOTA (AlertNet) - South Pacific nations threatened with rising sea levels linked to climate change are looking to adopt a regional disaster insurance plan based on a lauded Caribbean scheme which aims to soften the economic impact of natural catastrophes.

The World Bank launched the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the first multi-country insurance scheme of its kind, in 2007, after Hurricane Ivan inflicted billions of dollars in losses on the region in 2004.

The scheme promises member governments prompt payouts after …