Dominican Republic Loses US$450 Million Per Year due to Natural Disasters
Panos Varangis, the World Bank Group's Global Lead for agricultural finance and agricultural insurance in the Finance and Markets Global Practice, was speaking at a World Bank event on index insurance in Santo Domingo, Dominican Republic's Diario Libre reports. To an audience, Mr. Varangis was presenting index insurance as an alternative financial instrument that can protect agricultural producers in Dominican Republic from hurricanes, tropical storms, and floods. The country loses an average of US $450 million a year since 1961 by events associated with these types of disasters.
Dominican Republic is a member of the ACP countries that GIIF (Global Index Insurance Facility) has worked with. In 2012, the World Bank assessed the feasibility of macro and meso-level index based insurance in the country. The project was supported by the ACP and the European Union.
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