CCRIF SPC Logo

Now Accepting Applications CCRIF Scholarship Programmes CCRIF Internship Programme CCRIF Small Grants Programme

FAQ

Non - Triggering Event

Tropical Cyclone: Any named Tropical Cyclone event which generates winds of Tropical Storm strength
or above in one or more grid cells of at least one country but which does not produce any modelled
government loss.

Earthquake: Any earthquake event with a body-wave magnitude of greater than 4.5 within a box
bounded by the following - Latitude 2° and 41° N Longitude 97° and 51° W and which generates a peak

English

Countries can purchase coverage up to US$100 million per peril. Is there a limit on the number of perils covered per year?

Countries buy coverage for a given year up to US$100 million. There is no limit in terms of how many events that a policy can cover. The real issue is the specific amount of coverage purchased relative to the impact of an event on a given country in a given year.

English

What is the relationship between CCRIF and other insurance providers in the region –in terms of influencing company policies provided at the national level?

There is no relationship between CCRIF and other insurance companies. CCRIF is a regional insurance fund for the governments and it is specifically targeted at providing business interruption coverage for governments. It is a parametric insurance instrument which is not similar to indemnity type products which are usually offered by the traditional insurance companies. It also operates at a very different level from insurance companies because the CCRIF, as indicated, is a regional institution and it is specifically targeted at governments.

English

In light of the fact that CCRIF is a non-profit organisation, what would happen if CCRIF is unable to make payments based on claims made which are more than the amount of funds available if there were events in a number of countries?

The Facility has done an extensive amount of work in order to ensure that it is able to meet the claims-paying requirements necessary for a regional institution like CCRIF. Through pooling of risks between countries and extensive modelling work which is undertaken, CCRIF ensures that the Facility can make payouts or address claims up for a series of events with a less than a 1 in 1,000 chance of occurring in any one year. While 1 in 1,000 is the survivability level that is incorporated into CCRIF’s Operations Manual, currently CCRIF is even more secure than this.

English

What hazards are included in the hurricane payout calculation?

Short answer: Hazards that are included in computing the loss are wind, wave and storm surge in coastal areas where assets can be at risk from wave and storm surge.

English

Pages

Our Members

Back to Top