Earthquake in Haiti
January 14th, 2010
The catastrophic earthquake in Haiti this week is even more devastating because the country has little to no history of insurance or risk management. The country is identified as the poorest in the Western Hemisphere. Some multinational corporations have interests there, but beyond those companies, it is unlikely that a small, local, family businesses possesses any insurance to help in rebuilding.
An article in the Wall Street Journal this week notes that, as of Wednesday, only German reinsurer Hannover has stated it has any exposure. While this may be good news for the international insurance market, it points to a significant underlying problem in burgeoning economies: the absence of private insurance. Had this earthquake struck California, private insurance would be in place and, more importantly, a historic tradition of risk management (driven primarily by insurers seeking lower risk) would mean that businesses operate in an environment with enforced building codes, fire codes, safety services, and other precautions.
International aid is coming into Haiti. The American Red Cross has set up a website called FamilyLinks to aid family members in finding loved ones. The U.S. Embassy has set up a task force in Haiti to assist in locating loved ones and family can e-mail ACSPaP@state.gov to request assistance. In the U.S. or Canada the Haiti Task Force can be reached at 888-407-4747 outside of the U.S. and Canada, call 202-501-4444.
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