15 Mar 2015

Insurance offer for Vanuatu from World Bank

5:47 pm on 15 March 2015

The World Bank is looking at providing a rapid insurance payout to the Vanuatu government.

The Washington-based co-operative of 188 countries which supports developing countries says its disaster management team is monitoring the situation in Vanuatu closely.

The bank says given the intensity of the event and the reports of severe damage it is exploring the possibility of a rapid insurance payout under the Pacific Disaster Risk Financing Insurance Programme.

The programme is a joint initiative of the World Bank Group and the Secretariat of the Pacific Community.

The World Bank says it is ready to help Vanuatu assess what is needed following the Cyclone.

World Bank President Jim Yong Kim

World Bank President Jim Yong Kim Photo: AFP