{"id":350085,"date":"2025-10-09T14:13:34","date_gmt":"2025-10-09T18:13:34","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=350085"},"modified":"2025-10-09T14:13:34","modified_gmt":"2025-10-09T18:13:34","slug":"op-ed-savings-alone-cant-weather-the-storm-stronger-climate-protection-for-the-caribbean","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/op-ed-savings-alone-cant-weather-the-storm-stronger-climate-protection-for-the-caribbean\/","title":{"rendered":"OP-ED: Savings alone can\u2019t weather the storm – stronger climate protection for the Caribbean"},"content":{"rendered":"
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Hurricane Irma’s destruction on Barbuda, 2017. Photo credit: Shannon Stapleton)<\/figcaption><\/figure>\n

Ask any farmer, fisher, or vendor across the Caribbean how they prepare for storms, and the answer may vary. It may be a call to a close family or friend, a community partner\u2019s \u201csusu\u201d group or syndicates, or a few hard-earned dollars stashed away for a rainy day.\u00a0<\/span><\/p>\n

It’s\u00a0a system\u00a0rooted in trust and tradition. People feel confident and at ease when their contributions are managed by people they know and trust. They can keep track of the money. They know who is in charge. They can see where the money goes. It feels safe.<\/span><\/p>\n

Traditional insurance, on the other hand, often feels far away. It\u2019s seen as expensive, complicated, and built for others, not for informal workers who do not have the paperwork, land titles, or steady income streams that policies usually demand. And many simply don\u2019t trust it.<\/span><\/p>\n

The Limits of Savings Alone<\/span><\/p>\n

That\u2019s why, across five Caribbean countries, the\u00a0<\/span>Caribbean Policy Development Centre (CPDC)\u00a0research found that savings is the primary form of disaster preparation. But surprisingly, 80% of surveyed organizations do not collect regular membership fees, which also suggests that paying monthly insurance premiums can be out of reach. And there’s a lack of trust in payouts. Who wants to pay a company for years, only to have them deny a claim when you need it most?<\/p>\n

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Flooded road access in Belize, 2025. (Contributed)<\/figcaption><\/figure>\n

But savings has limits.<\/span><\/p>\n

A partner\u2019s \u201csusu\u201d group or syndicates might help a few fishers replace damaged nets, but not rebuild dozens of boats. A cooperative\u2019s emergency fund might restock a handful of vendors, but not cover an entire market wiped out by a storm. And because most organizations don\u2019t collect regular membership fees, there simply isn\u2019t enough money to stretch across big, repeated disasters.<\/span><\/p>\n

What is Meso-Level CDRFI?<\/span><\/p>\n

This is where meso-level Climate and Disaster Risk Finance and Insurance (CDRFI) comes in.<\/span><\/p>\n

\u201cMeso\u201d means \u201cin the middle.\u201d It bridges the gap between national disaster relief programs (macro) and what individual households can do (micro). It works through trusted community institutions, credit unions, cooperatives, CSOs, that already manage people\u2019s money and livelihoods.<\/span><\/p>\n

How Meso-Level CDRFI Strengthens Savings<\/span><\/p>\n

Meso-level CDRFI doesn\u2019t replace savings; it strengthens them through three layers of protection:<\/span><\/p>\n

\u00a0<\/span><\/p>\n