DAIC members suffer over $200 million in damage from Hurricane Maria

Fabien says DAIC provides support to businesses outside of its membership

Executive Director of the Dominica Association of Industry and Commerce (DAIC), Lizra Fabien, has reported that  50% of the DAIC membership has suffered over $200 million dollars’ worth of damage as a result of Hurricane Maria.

Ms. Fabien said at the launch of the organization’s business expo at the Prevost Cinemall on Friday that after the hurricane, the Dominica Association of Industry and Commerce conducted a damage and needs assessment on 50% of businesses and their members in the DAIC.

“We saw from the value of damages to infrastructure, there was over $50 million in terms of losses. Also, the value of damage to assets – it was $119 million dollars; also in terms of the value of disruption to services, [it] was $28 million which is a monthly estimate. Also, in terms of secondary losses such as looting, landslides, flooding it’s $15 million.”

Fabien noted that following the hurricane, DAIC embarked on a Connect to Rebuild Grant Assistance Programme in which over 70 businesses registered.

“These numbers are quite disheartening because no business wants to lose any money in terms of assets, potential revenue and this is really a setback to our community.”

DAIC membership now comprises more than 40 businesses and two latest additions are Burton and Company Limited and Benjos Seamoss.

“Our membership includes full-time members and associate members who enjoy the membership of DAIC for a period of three months without the membership subscription,” Fabien stated and pointed out that although there are hundreds of businesses in Dominica, DAIC still provides support to the businesses outside their membership.

“Some may not fully understand the value of DAIC to their business, so they may not have come on; some were maybe members and due to some challenges, they no longer are members but even though our membership is just over 40, we still provide support to businesses beyond our membership,” the DAIC Executive Director explained.

The DAIC Business Recovery Expo:  “Inform. Connect. Protect”  seeks to equip businesses’ with greater ability and the tools to make SMARTer decisions, establish network and support capacity that can be relied on by businesses’, and to augment businesses’ capacity to protect themselves through improved skills and knowledge on advanced disaster risk reduction.

Experienced and knowledgeable speakers from within and outside the country will present on the key topics of Business Recovery, Marketing Strategies, Creative Financing, Innovation, Technology & Energy. There will also be product and service exhibits by financial, insurance, construction, and consulting firms which will create more value for the private sector. Enhanced opportunities for networking and forging relevant collaborations amongst fellow businesses will also be an important component expo.

The event will be held on February 21st, 2018, from 9:00 AM to 1:00 PM, at Palm Cottage located on the Corner of Victoria Street and High Street, Roseau.

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4 Comments

  1. Watching
    February 20, 2018

    Who cares.. businesses like First Domestic robbing the people blind. They have collected so much premiums and now to pay up hey find all kind of loop holes, act of God, underinsured etc..

  2. Frank Talker
    February 19, 2018

    Only 40 members in the DAIC? What a shame!! According to the DSS annual reports, this is just 2% of the registered employers in Dominica. What a shame, DAIC! What a shame!!

  3. RandyX
    February 19, 2018

    ……. None of your members had business, property and asset insurance?? Only in Dominica!

  4. ATKINSON
    February 19, 2018

    Can we just “CBI” the cost, damages away :mrgreen:

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