This year, CCRIF – known as the Caribbean Catastrophe Risk Insurance Facility since its inception in 2007 – was re-structured into a segregated portfolio company (SPC) and is now named CCRIF SPC.
This change was made to facilitate the offering of new products (such as the excess rainfall product) and expansion into new geographic areas and will broaden the scope of CCRIF activities in enhancing disaster risk management. The new structure allows for total segregation of risk, but still provides opportunities to share operational functions and costs and to maximize the benefits of pooled access to reinsurance markets and catastrophe financing.