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donors. The mul@-donor arrangement spearheaded by the Caribbean Development Bank (CDB) in 2011 and which involves donor partnership with the UK Government and the Government of Ireland, is typical of this type of arrangement. The CDB, along with its donor partners, made cash alloca@ons to a Micro- Insurance Catastrophic Risk Organiza@on (MiCRO-Hai@) Fund for provision of index-based disaster risk insurance to Hai@’s poor. The Fund is integrated into the opera@ons of exis@ng micro-finance agency- Fonkoze.
• Direct subsidy to disaster claims seSlement or premiums for the poor from na@onal government or donor
agency. Alterna@vely, support for micro-insurance cost reduc@on can come through technical support for conduc@ng feasibility studies, undertaking risk assessment etc (Spence,2013).
IV. Disaster resilience capacity, financial robustness and affordability of micro-insurance interven@ons for disaster risk reduc@on are a func@on of effec@veness of governance. Good governance relates to legi@macy and credibility of social ins@tu@ons and procedures responsible for development, implementa@on and regula@on of insurance schemes (Mechler et al, 2006). Relevant social ins@tu@ons include government agencies, NGO’s, private sector, na@onal and interna@onal financial and donor ins@tu@ons, public/social-group based organiza@ons
Proposed Design Framework for Micro-insurance Model for CARICOM States
Defini@on of scope is central to the conceptual framework of a micro-insurance model for CARICOM States. The conceptual framework is outlined in Figure 1.
Scope of Model Micro-insurance SoluTon
Although the conceptual framework for the model is intended to be comprehensive, a phased approach to its execu@on in CARICOM States is suggested. Limi@ng the scope of the ini@al phase of execu@on will facilitate an evalua@on of viability. Results from the ini@al phase and the lessons learned would inform expansion of the interven@on
Figure 1: Conceptual Framework for Micro-insurance SoluTon in CARICOM States
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