Initial reports suggest the magnitude 7.0 earthquake that hit Haiti around 5pm Eastern Time yesterday has caused widespread damage, with large loss of life expected. The quake struck about 10 miles southwest of the island nationÃ¢â‚¬â„¢s capital Port-au-Prince, according to the U.S. Geological Survey. According to reports, a magnitude 5.9 aftershock followed shortly afterwards some 30 miles further west, followed by a 5.5 aftershock closer to the location of the first quake. Haiti is a member of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a multinational insurance pool developed by the World Bank. Funded by premiums paid by participating countries, the facility provides early payout to members after a major earthquake or hurricane. InÃ‚ recent years the CCRIF paid out approximately $500,000 each to Dominica and St. Lucia after a 2007 earthquake, and $6.4 million to the Turks and Caicos Islands in the aftermath of Hurricane Ike in 2008. Check out I.I.I. facts and stats on earthquakes.