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FAQ

Why was there no payout after Hurricane Dean (2007) from CCRIF?

Hurricane Dean was one of two Category Five hurricanes that affected the Caribbean in 2007. Fortunately, both hurricanes skirted around CCRIF member countries. This is not to say that there was no impact; in Jamaica, losses were recorded on the south coast, while heavy rainfall and tropical storm winds associated with the hurricane were recorded in Dominica and St. Lucia; in Antigua and St. Kitts & Nevis, storm surge and rainfall were also experienced.

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How does CCRIF fit in with a country’s hazard risk management framework?

CCRIF provides a working model of an innovative risk management mechanism that provides cost effective risk transfer as part of a holistic disaster risk management framework within the Caribbean.

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How is CCRIF supporting or contributing to the discussions related to climate change?

CCRIF is involved in supporting the utilisation of financial tools as part of disaster risk management strategies within its member states. This is part of a broader regional strategy designed to support critical adaptation initiatives targeted at reducing the disproportionately high burden created by climate change on Caribbean countries.

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Are there any capacity building or other collaborative relationships that CCRIF is engaged in with Caribbean...

CCRIF is committed to building partnerships with all stakeholders in the pursuit of improving management of the catastrophe risks faced by the Caribbean region through risk reduction and risk transfer. In fact, parametric catastrophe coverage is only one way in which the Facility is assisting the Caribbean region to become disaster resilient.

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Why does CCRIF not offer products to companies or private individuals?

CCRIF was not set up to compete with the current insurance markets in the Caribbean. Parametric policies similar to those offered by CCRIF are available to companies, and would not be suitable for purchase by individuals. Where the private sector insurance markets are clearly lacking and a particular segment of the commercial activities of the region is of vital importance to post-disaster national recovery, CCRIF can provide support, both technical and financial, to develop parametric insurance solutions.

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