The initial magnitude 7.0 earthquake that caused catastrophic death and destruction in Haiti on Jan. 12 was virtually uninsured, although the insurance industry quickly rallied last week to help raise relief funds for the devastated nation.
Risk Management Solutions of Newark, Calif., cited data from London-based AXCO insurance information services listing impoverished Haiti as one of the smallest markets in the Americas with a total non-life premium income of just under $20 million.
Insurance penetration is extremely low at around 0.3 percent of gross domestic product. The majority of Haiti's insured risks are situated in Port-au-Prince, and motor insurance accounts for 50 percent of all non-life premiums, RMS said.
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