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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

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.

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

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

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