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CCRIF promises its clients to:
- Fill a gap in available insurance offerings for natural catastrophes
- Ensure speedy payouts when a policy is triggered
- Charge lowest possible premiums consistent with long-term sustainability
- Facilitate capacity building in disaster risk management and ex-ante risk financing
- Be transparent and accountable
- Be innovative and provide new products to meet the needs of our members
Our mission is underpinned by 7 strategic objectives:
- (S01) Innovative and Responsive Parametric Products - To provide products,services and tools responsive to the needs of members
- (S02) Resilience - To enhance capacity for disater risk management and climate change adaptation
- (S03) Financial Sustainability - To sustain financial solvency and integrity
- (S04) Corporate Governance - To sustain corporate integrity
- (S05) Member Relations and Engagement - To deepen our relationships with our member governments and to strengthen engagement with members
- (S06) Scaling Up - To increase member coverage, expand membership and develop new products and services
- (S07) Strategic Partnerships - To expand and deepen strategic partnerships
Who We Are
CCRIF SPC limits the financial impact of natural hazard events to Caribbean and Central American governments by quickly providing short-term liquidity when a policy is triggered. CCRIF offers parametric insurance policies for tropical cyclones, earthquakes, excess rainfall, the fisheries sector and the electric and water utilities sectors.
CCRIF currently has 30 members.
Members
CCRIF SPC Parametric Insurance Products
CCRIF insurance products are parametric. CCRIF’s parametric insurance policies make payments based on the intensity of an event and the amount of loss calculated in a pre-agreed catastrophe model caused by these events.
CCRIF CURRENTLY OFFERS THE FOLLOWING TO CARIBBEAN AND CENTRAL AMERICAN COUNTRIES.
Meet Our Board of Directors
Meet Our Executive Management Team
Annual Report 2022/23
The policy year 2022/23 represented 16 years of CCRIF providing catastrophe risk insurance to the Caribbean and 7 years to Central America. CCRIF continue to provide access to quick liquidity following natural disasters, scaling up access to parametric insurance for new perils and new economic sectors.
Key Feature: CCRIF Makes Payouts totalling US$4.9 Million during the 2023 Atlantic Hurricane Season
CCRIF SPC made three payouts totalling US$4.9 million to the governments of Antigua and Barbuda, the British Virgin Islands and St. Kitts and Nevis following Tropical Storm Philippe in October and Tropical Cyclone Tammy in November. CCRIF made payouts on these countries’ parametric insurance policies for Excess Rainfall as follows:
- Antigua and Barbuda: US$2,880,424
- British Virgin Islands: US$552,297 – this was the BVI’s first payout from CCRIF.
- St. Kitts and Nevis: US$1,509,804