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FAQ

Will CCRIF consider developing a product for the agriculture sector or utility companies?

Yes and in fact both areas are under consideration. CCRIF is currently collaborating with the Caribbean Electric Utility Service Corporation (CARILEC) in developing an insurance programme to provide parametric wind coverage to electric utilities in the region to enable cost-effective protection of their highly vulnerable overhead transmission and distribution systems.

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Why was CCRIF designed as a parametric facility?

There are four main reasons CCRIF was designed as a parametric facility:

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How does CCRIF work?

Since CCRIF was tasked with the goal of providing liquidity quickly, a parametric insurance programme was developed. This allows the Facility to estimate the loss on the ground by using data from the National Hurricane Centre (NHC) in the case of hurricanes and the United States Geological Survey (USGS) in the case of earthquakes, and a pre-agreed proxy relationship developed within a catastrophe risk model.

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Who are the members of CCRIF?

Sixteen governments are currently members of the Facility:

  • Anguilla
  • Antigua & Barbuda
  • Bahamas
  • Barbados
  • Belize
  • Bermuda
  • Cayman Islands
  • Dominica
  • Grenada
  • Haiti
  • Jamaica
  • St. Kitts & Nevis
  • St. Lucia
  • St. Vincent & the Grenadines
  • Trinidad & Tobago
  • Turks & Caicos Islands
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Who can become a member of CCRIF?

CCRIF is open to governments only and, currently, specifically to CARICOM members. However, non-CARICOM governments can also be considered for participation.

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