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  • 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, and
    the fisheries and electric utility sectors.
  • CCRIF operates as a development insurance company - as the goods and services we
    provide are designed to enhance the overall developmental prospects of our members.
    The Facility is a working example of a disaster risk financing instrument and one of a suite
    of disaster risk financing instruments available to governments to assist in post-disaster
    recovery, to help close the protection gap and ensure that we "leave no one behind".
  • CCRIF:
    - Is the world's first multi-country, multi-peril risk pool based on parametric insurance
    - Provides parametric catastrophe insurance for Caribbean and Central American
      governments; and now for electric utility companies
    - Provides quick liquidity following a natural disaster helping to close the liquidity gap
  • Since its inception in 2007, CCRIF has made 78 payouts totalling US$390 million to 22
    of its member governments on their tropical cyclone (TC), earthquake (EQ) and/or
    excess rainfall (XSR) policies – all within 14 days of the event.
  • Governments have used CCRIF payouts for a variety of purposes, including immediate
    recovery and repair activities; providing food, water and shelter to affected persons;
    stabilizing public facilities such as water treatment plants; making long-term improvements
    to critical infrastructure such as roads, drains and bridges; mitigation activities to enhance
    resilience against future natural hazards; and to “keep the wheels of government turning”,
    for example by paying salaries of critical government personnel. For example, 62% of all
    payouts have been used partially or wholly for immediate post-event activities; 14% have
    been used for long-term infrastructure work; 6% have been used for both risk mitigation
    activities and assistance to economic sectors – in this case agriculture; and 3% have been
    allocated to establish a national recovery fund.
  • We need to be mindful that CCRIF was not designed to cover all losses
    on the ground – but rather to allow governments to reduce their
    budget volatility and to guarantee sufficient capital for emergency
    relief. CCRIF therefore acts as a vast security blanket for its members
    which are vulnerable to the increasing severity and frequency of
    climate and weather-related perils, as well as seismic hazards.
  • The truth is what we do at CCRIF is about supporting governments to help their
    populations – communities, businesses and key sectors such as education,
    agriculture, and tourism. A rough assessment of the beneficiaries of CCRIF’s
    payouts show that over 3.5 million persons in the Caribbean and Central America
    have benefitted directly and indirectly from these payouts after a natural
    disaster.
  • CCRIF currently has 30 members:
    - 19 Caribbean governments – Anguilla, Antigua & Barbuda, The Bahamas, Barbados,
      Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Haiti,
      Jamaica, Montserrat, St. Kitts & Nevis, Saint Lucia, Sint Maarten, St. Vincent & the
      Grenadines, Trinidad & Tobago, Turks & Caicos Islands
    - 4 Central American governments – Guatemala, Honduras, Nicaragua, Panama
    - 3 Caribbean electric utility companies - ANGLEC, GRENLEC, LUCELEC
    - 3 water utility companies - BWS, DOWASCO, NAWASA
    - 1 tourist attraction - Cayman Turtle Conservation and Education Centre
  • We are particularly proud of our fisheries product – COAST – which was launched in 2019
    and is currently offered to Saint Lucia and Grenada. COAST is a partnership between
    the US Department of State, the World Bank, CCRIF and the Caribbean Regional Fisheries
    Mechanism (CRFM). While COAST is a sovereign insurance product purchased by
    governments, it acts like a microinsurance product for individuals in the fisheries sector,
    protecting the livelihoods of fisherfolk, boat captains and crew, fish vendors etc. The policy
    is structured to include a mechanism to transfer funds from a payout received by the
    Government to pre-identified beneficiaries in the fisheries sector.
  • In response to demands by our member governments, we also are in the process of
    developing new products – for drought, agriculture, and flooding (run-off).
    Today, insurance within the context of disaster risk financing is both relevant and
    necessary given the realities we are now faced with, such as climate change.
  • CCRIF proposes that disaster preparedness must be a function of:
    disaster risk mitigation + ecosystem management + disaster risk
    financing + cutting-edge social protection strategies (including
    consideration of psychological impacts of future disasters on our
    populations).

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2024 Caribbean Regional Workshops, Development Partner Roundtable and Conference

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Our Vision

A leading global development insurer, providing disaster risk financing products and services to member countries to improve lives and livelihoods, building resilience and advancing sustainable development agendas.

CCRIF SPC Core Values
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
Strategic Objectives
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

In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world and was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets. In 2014, the Facility was restructured into a segregated portfolio company (SPC) to facilitate offering new products and expansion into new geographic areas and is now named CCRIF SPC. It is owned, operated and registered in the Caribbean.

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.
19
Caribbean Member Governments
4
Central American Member Governments
3
Electric Utilities Members
3
Water Utilities
Members
1
Tourist Attraction Member
78
Number of Payouts (TC,EQ,XS)
390
Total Payouts To Date (US$M)
CCRIF Development Partners and Donors Throughout the Years
CCRIF was developed under the technical leadership of the World Bank and with a grant from the Government of Japan. It was capitalized through contributions to a Multi-Donor Trust Fund (MDTF) by the Government of Canada, the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments. In 2014, the Central America and Caribbean Catastrophe Risk Insurance Program (CACCRIP) MDTF was established by the World Bank to support the development of CCRIF SPC’s new products for current and potential members, and facilitate the entry for Central American countries and additional Caribbean countries. The MDTF currently channels funds from various donors, including: Canada, through Global Affairs Canada; the United States, through the Department of the Treasury; the European Union, through the European Commission, and Germany, through the Federal Ministry for Economic Cooperation and Development and KfW. Additional financing has been provided by the Caribbean Development Bank, with resources provided by Mexico; the Government of Ireland; and the European Union through its Regional Resilience Building Facility managed by the Global Facility for Disaster Reduction and Recovery (GFDRR) and The World Bank. In 2024, CCRIF received funding from CDB, through the Canada-CARICOM Climate Adaptation Fund, to enable seven CCRIF members to increase their coverage and make their national social protection systems more shock responsive.
Annual Report 2023/2024

Annual Report 2023/2024

The CCRIF Annual Report 2023 – 2024 provides a comprehensive review of CCRIF’s performance as the lead development insurer and main parametric insurance facility in the Caribbean and Central America. It also highlights our successes over the year as well as our growing impact, footprint and bold ambitions. Policy year 2023/24 represents 17 years since CCRIF began its operations and it has been both rewarding and challenging.

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Key Feature: CCRIF Makes Payouts totalling US$4.9 Million during the 2023 Atlantic Hurricane Season

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
See full article & others in our E-News

The work and impact of CCRIF in the Caribbean and Central America (Revised - August 2024)

The work and impact of CCRIF in the Caribbean and Central America (Revised: August 2024)

Key Milestones (YouTube Video)

CCRIF SPC Journey Through the Years to 2017

My Name is Risk

My Name is Risk

What Stakeholders Are Saying

Dr. the Hon. Nigel Clarke Minister of Finance and the Public Service, Jamaica
As we continue to simultaneously respond to the COVID-19 pandemic, this payout, and certainly our participation in CCRIF generally, as well as other similar facilities, reduces the need for the shifting of fiscal resources from other priority areas to respond to disasters. We know from experience of Jamaica’s susceptibility to natural disaster events including flooding, and the significant damage it can cause to our infrastructure, which is why we have implemented a multi-layer strategy with a menu of financial instruments to manage the financing of disaster risk.
Daniela Tramacere EU Ambassador to Barbados
“Mitigation of COVID-19 impacts ahead of the hurricane season that already started in the region requires extraordinary and coordinated measures. EU is strongly committed to stand together with its partners in the Caribbean, providing emergency support and participating in the social/economic recovery process. The €10 million support has been provided to CCRIF SPC to ease payment of member countries’ premiums and improve their risk coverage against natural hazards.”
Ms. Christiana Figueres former Executive Secretary, UNFCCC
“The Caribbean is the only region in the world that has a regional insurance system. The CCRIF is quite unique and actually is looked upon by other countries as a possible lessons learned to see what can be extrapolated.”
Joe Biden Former US Vice President
“You’ve already created, Mr. President, an initiative and an innovative model for regional cooperation by pooling risks to respond to natural disasters. And therefore I think that the whole region is better equipped in the future to deal with these pending problems.” Former US Vice President Joe Biden, speaking about CCRIF at a meeting in 2013 with Trinidad and Tobago President Anthony Carmona and Prime Minister Kamla Persad-Bissessar and other Caribbean leaders
Ms. Dianne Batistoni Partner, Financial Services- Insurance Group Eisner Amper
“The CCRIF’s ability to turn around payments in less than a month for eight separate cat claims since its inception in 2007 makes it a truly valuable and unique solution.” Ms. Dianne Batistoni – Partner, Financial Services- Insurance Group Eisner Amper, when Best’s Review January 2013 Innovative Showcase recognized CCRIF as a “good innovative/non-traditional approach to reinsurance for emerging/economically challenged countries”
Center for Global Development January 2010
“The sum is small, but the proof of concept, powerful. The CCRIF moved faster than the World Bank, faster than the IMF, faster than the U.S.< government. If another 0 or so were appended to the CCRIF financing numbers, it could become a superior alternative to ad hoc debt relief and debt creation at dire moments.” Center for Global Development, January 2010, referring to CCRIF’s payout of US$7.75 million after the January 2010 earthquake, which represented approximately 20 times Haiti’s earthquake premium
Acclimatise March 2013
Although disaster insurance is far from a panacea for managing the risks posed by climate change, it can provide a certain amount of resilience for vulnerable people in the short term. There have been some interesting examples of disaster risk insurance facilities that have come on stream since last year’s Cancun climate conference. … there is one that has been operating successfully… and which may offer a model for others to copy: The Caribbean Climate Risk Insurance Facility (CCRIF).
The Economist June 2015
Poorer countries are less able to afford the “premiums” that catastrophe bond issuers pay to investors in return for protection. But countries such as Bangladesh and Nepal could benefit from a regional risk-pooling mechanism like the Caribbean Catastrophe Risk Insurance Facility, a multi-country disaster-relief fund set up in 2007. This is a donor-backed scheme for the rainiest of days, into which Caribbean governments also pay a contribution. The CCRIF includes a lot of countries, which diversifies risk and reduces premiums. It also has clear payment triggers, which means that it dispenses cash immediately after the hurricanes and storms that dog the region.
G-7 Summit Fact Sheet June 2015
The G-7 announced action to support efforts by vulnerable developing countries to manage climate change-related disaster risk through insurance, with an aim to increase the number of people with access to direct or indirect climate risk insurance coverage by up to 400 million by 2020. This commitment will build upon existing risk insurance facilities such as the Caribbean Catastrophe Risk Insurance Facility (CCRIF). In 2014, the United States contributed $10 million to support expansion of catastrophe risk insurance coverage through the CCRIF to Central American countries.
Mr. John Nash former lead economist for Latin America and the Caribbean at the World Bank
“[CCRIF] could serve as a model for collective strategies for dealing with natural disasters ... [it] provides participating governments from the Caribbean region with immediate access to cash if hit by a hurricane or earthquake and could save countries signifi cantly. Pooling their risk will save the 16 participating countries approximately 40 per cent in individual premium payments.”
Mr. John Nash former lead economist for Latin America and the Caribbean at the World Bank
“[CCRIF] could serve as a model for collective strategies for dealing with natural disasters ... [it] provides participating governments from the Caribbean region with immediate access to cash if hit by a hurricane or earthquake and could save countries signifi cantly. Pooling their risk will save the 16 participating countries approximately 40 per cent in individual premium payments.” Mr. John Nash, former lead economist for Latin America and the Caribbean at the World Bank
Hon. Bruce Golding former Prime Minister of Jamaica
“[CCRIF is] one of the most significant developments to have taken place in recent years in the region. I am really pleased with the speed with which CCRIF has been able to respond to those cases – Haiti, Anguilla and the Eastern Caribbean countries – that were battered by Tomas.” Hon. Bruce Golding, former Prime Minister of Jamaica, speaking at the fifth Caribbean Conference on Disaster Management in Jamaica in 2010
Hon. Audley Shaw Minister of Finance, Jamaica
“…we call upon the IMF and World Bank Group to further enhance the Caribbean Catastrophe Risk Insurance Facility (CCRIF), and to facilitate greater access to fi nancing for climate change mitigation and adaptation.” Hon. Audley Shaw, Minister of Finance, Jamaica, in his address at the 2010 IMF and World Bank Group Annual Meetings
Mr. Bancroft Battick Acting Permanent Secretary in the Ministry of Infrastructure of Anguilla
“Anguilla’s membership in CCRIF has brought signifi cant benefi ts to the island, the major one being to make the Government of Anguilla as robust as possible to natural . . . disasters, with enhanced ability to respond after a major disaster event.”
Ms. Ngozi Okonjo-Iweala former Minister of Finance, Nigeria and Chair of the African Risk Capacity (ARC)
“Later this year, world leaders will gather in Warsaw for the United Nations’ Climate Change Conference, and the agenda will include regional risk pools. Any effective mechanism for adapting to climate change needs to provide timely and reliable funding linked to weather events. Fundamentally this is an insurance proposition. The ARC and its Caribbean sister institution, the Caribbean Catastrophic Risk Insurance Facility (CCRIF), stand at the forefront of this effort.”
Amb. Edwin Carrington former CARICOM Secretary- General
“CARICOM’s wisdom and foresight were evident in the creation of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) whose prompt payout to Haiti turned out to be one of the signifi cant sources of fi nancing in this, Haiti’s hour of need.” Amb. Edwin Carrington, former CARICOM Secretary- General, speaking at the 2010 COFAP meeting
Mr. Martin Cox Director of Finance and Economic Affairs, Barbados
“This contribution to the Treasury comes at a good time and will no doubt help us recover from the impacts of these rains. The funds will go into the Consolidated Fund but we will arrange for the Ministry of Public Works to be able to use the resources for necessary repair work.” Mr. Martin Cox, Director of Finance and Economic Affairs, Barbados, speaking in 2014 on CCRIF’s payout of US$1.28 million under that country’s excess rainfall policy
Hon. Christopher Sinckler Minister of Finance and Economic Affairs, Barbados
“…the full impact of this reduction was however not felt due to the receipt of the insurance payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for the damage caused by Tomas during the month of November 2010.” Hon. Christopher Sinckler, Minister of Finance and Economic Affairs, Barbados in his Financial Statement and Budgetary Proposals for 2011 delivered to Parliament, which indicated that fiscal revenues for 2010-2011 had decreased
Mr. Martín Portillo Executive Secretary, COSEFIN
“After exploring options for engaging in sovereign disaster risk fi nancing, Central American countries concluded that joining the CCRIF SPC facility was the most effi cient and cost-effective insurance mechanism to pool our risk. This will allow us to reduce our countries’ fi scal vulnerability to the adverse effects associated with earthquakes, tropical cyclones, excess rainfall and other events.”
H. E. Iván Acosta Minister of Finance, Nicaragua
“For Nicaragua, it is an honor to be the fi rst member of COSEFIN countries to join the CCRIF. This insurance will allow us to strengthen fi nancial resilience to natural disasters and continue our efforts to reduce poverty and respond to climate change challenges as part of our National Human Development Plan.”
Hon. Allen Chastanet Prime Minister, Saint Lucia
“This cheque will be going directly to strengthening and rebuilding our agriculture sector and to paying for some of the costs that we have.” Hon. Allen Chastanet, Prime Minister, Saint Lucia, speaking about the CCRIF payout of US$3.8 million to Saint Lucia following Tropical Storm Matthew
Amb. Irwin La Rocque Secretary General, Caribbean Community
“The early response to the aftermath of Matthew as well as the supportive facility put in place to help resource the required recovery and rebuilding effort also underline the critical importance of the regional institutional frameworks established by the Community, CDEMA and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) which has already processed payment to two of the affected countries, Barbados and Haiti.”
Dr. Wm. Warren Smith President, Caribbean Development Bank
“We know from bitter experience that even the most carefully crafted fi scal adjustment programme can be quickly derailed by a major climate event. Buying adequate insurance cover offers an efficient way of transferring some of this risk. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is an excellent vehicle for this purpose.”

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About CCRIF SPC

CCRIF SPC is a segregated portfolio company, owned, operated and registered in the Caribbean.

 

It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.

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Registered Office
  • c/o Artex Risk Solutions (Cayman) Limited, Windward 3, Suite 301, 3rd Floor, Regatta Office Park, PO Box 10233, George Town, Grand Cayman, KY1-1002, Cayman Islands 

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