After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
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Why is it important to introduce a culture of insurance?CCRIF is designed to offer insurance at affordable rates and is supported by the Global Facility for Disaster Reduction and Recovery (GFDRR). Because... Show More + of its large membership, it has been able to diversify its portfolio and purchase insurance coverage at more favorable terms, resulting in an average of 50 percent savings, in comparison to countries who bought insurance individually from international markets.This first meeting looked at the benefits of expanding the facility to a larger pool of countries, which would not only provide savings on the operating costs, but also significantly reduce the premiums to existing members.Hasan Tuluy, World Bank Vice President for Latin America and the Caribbean who was chairing the meeting, highlighted that the CCRIF is a true example of both a regional public good where collective action has clear financial benefits as well as a private-public partnership that can help countries address the Show Less -