Island states win a seat at the insurance table, not just the photo at the end
A new climate-risk pool will let small islands buy cover as a bloc, after years of being quoted as if each storm were a private yacht accident.
The facility, announced in Bridgetown, pools premiums from fourteen countries and a first-loss layer from development banks. It will not rebuild a capital. It is meant to keep a port open after a hit that used to close the fiscal year.
Critics say the pool is still too small. Supporters say size was never the point; the point was stopping underwriters from walking away one island at a time.
The first policies are due before the next Atlantic season. Brokers in London have already started asking for the wording.
