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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).

A legacy of Resilience - CCRIF Through the Chairmanship of Timothy Antoine

Livelihood Protection Policy (LPP)

pr@ccrif.org

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CCRIF SPC Core Values

CCRIF’s work is grounded in seven core values that define how the organization operates and engages with members and partners:

Integrity – We uphold the highest standards of ethics, transparency, and accountability in all aspects of our work.
Innovation – We are continuously improving our models, products, and tools to meet emerging risks and pioneering solutions other have not yet imagined.
Responsiveness– We deliver timely, reliable support to members before and after disasters.
Partnership – We succeed through deep, trust-based collaboration with our members, regional institutions, development partners, and reinsurers.
Sustainability – We are sustainable, ensuring long term financial strength and reinvesting in the region’s resilience.
Resilience – We build capacity to withstand, recover and thrive.
Inclusion – We go beyond serving sovereigns and companies; we serve the most vulnerable and ensure no community is left behind.

Strategic Objectives

CCRIF’s strategic direction is operationalized through five Strategic Objectives that reflect the organization’s development insurer mandate and respond to the evolving resilience financing landscape.

SO1 - Innovative & Responsive Parametric Insurance Products
Strengthening and expanding CCRIF’s product suite to meet and exceed the evolving needs of members, through innovation in modelling, data, technology, and hazard coverage; developing models for new and emerging hazards; and investigating the potential of leveraging AI to strengthen the parametric insurance landscape.
SO2 - Member Relations & Stakeholder Engagement
Deepening relationships and strengthening engagement with member governments, utilities, regional organizations, and communities through tailored support, collaboration, transparent communication, and digital platforms that enhance understanding, trust, and decision making.
SO3 - Building Resilience & Capacity
Support national and regional resilience by strengthening disaster risk financing capacity, investing in human capital, linking parametric insurance to broader development and climate strategies and mainstreaming parametric insurance as a ‘loss and damage’ and climate finance tool.
SO4 - Scaling Access & Closing the Protection Gap
Expanding sovereign and sectoral coverage, expanding membership, expanding financial protection instruments to reach individuals, households & communities, developing new products, supporting domestic insurers, and potentially establishing a regional reinsurance facility to close the protection gap.
SO5 - Financial Sustainability & Institutional Strengthening
Strengthening CCRIF's internal capacity, strategic partnerships, and long-term financial sustainability.

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 secto, the electric and water utilities sectors, and Fluvial Flood (Runoff).

CCRIF currently has 39 members.

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.

CCRIF's Contribution to the Disaster Financing Landscape in the Caribbean and Central America

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.

Isaac Anthony

Chief Executive Officer

Gillian Golah

Chief Operations Officer

Marco Ahedo

Chief Risk Management Officer

Annual Report 2024/2025

In 2024, Hurricane Beryl reaffirmed the region’s vulnerability and CCRIF’s relevance. With US$84.5 million in payouts to seven members, including governments, electric and water utilities, and a tourist attraction, CCRIF demonstrated the power of parametric insurance and quick liquidity to protect lives, livelihoods, and public infrastructure.

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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

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