World Bank to launch Caribbean disaster insurance (Lesley Wroughton)

  By Lesley Wroughton

  WASHINGTON, Feb 25 (Reuters) -- As scientists warn that climate change will lead to stronger storms, the World Bank is launching the first disaster insurance plan to offer emergency money to 18 Caribbean countries immediately after they are hit by hurricanes or earthquakes.

  The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will allow stricken nations to begin disaster response right away with the guarantee of access to enough money to fund emergency measures.

  The meeting of donor countries including Canada, Japan, Britain, France and the European Union in Washington on Monday will seek to raise between $30 million and $50 million in reserves for the regional facility, World Bank officials said.

  Until now, it usually has taken months after a catastrophe to raise emergency funds from donor countries. Since 1979, hurricanes have caused more than $16 billion in losses in Caribbean nations, according to World Bank data.

  A report by The Intergovernmental Panel on Climate Change warned this month that typhoons and hurricanes would likely intensify in strength due to global warming attributed to climate change.