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  • CCRIF is pleased to announce that its member governments in the Caribbean have all
    renewed their parametric insurance coverage for tropical cyclone, excess rainfall,
    earthquake and fisheries ahead of the upcoming 2020 Atlantic Hurricane Season, ceding
    over US$1 billion in risk to CCRIF and increasing overall coverage by 8 per cent. To
    support Caribbean governments whose social and economic sectors have been
    significantly disrupted by COVID-19, the European Union (EU) under its Global COVID-19
    Response, has provided a grant of €10 million (US$11 million) to CCRIF for premium
    support or for increasing coverage for its Caribbean members.
  • 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
    insuce policies for tropical cyclones, earthquakes, excess rainfall and
    the fisheries sector.
  • CCRIF 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 and to help close the protection gap and ensure that we ‘leave
    no one behind’ in the development pathway.
  • CCRIF was created as an immediate response to Hurricane Ivan in
    2004, which caused billions of dollars of losses across the Caribbean; in
    both Grenada and the Cayman Islands, losses were close to 200% of
    the national annual GDP.
  • Since its inception in 2007, CCRIF has made 41 payouts totalling US$152 million to 13
    of its member governments on their tropical cyclone (TC), earthquake (EQ) and/or
    excess rainfall (XSR) policies – all within 14 days of the event. The single largest payout
    was US$20,388,067 made to the Government of Haiti on its Tropical Cyclone policy
    following TC Matthew in 2016.
  • 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% allocated
    the funds 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.
  • 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 2.5 million persons in the Caribbean and Central America
    have benefitted directly and indirectly from these payouts after a natural
    disaster.
  • CCRIF currently has 22 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; and 3 Central American governments – Guatemala, Nicaragua, Panama
  • We are particularly proud of our new 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 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, flooding (run-off) and public utilities.
    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.
  • Four years after the establishment of CCRIF, the Climate Risk Adaptation and Insurance in
    the Caribbean (CRAIC) project was launched in 2011 to focus on providing similar climate
    risk insurance products as CCRIF but for individuals. The microinsurance product known
    as the livelihood protection policy, LPP targets the most vulnerable persons in 5 CCRIF
    member countries – Jamaica, Saint Lucia, Grenada, Belize, and Trinidad & Tobago
  • 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).
  • Under the CCRIF Technical Assistance Programme, Component 1 focuses primarily
    on support for tertiary level scholarships and professional development programmes.
    Since the CCRIF scholarship programmes were launched in 2010, CCRIF has awarded 77
    scholarships to Caribbean nationals totalling US$1.13 million to complete undergraduate
    or postgraduate programmes. Since the CCRIF internship programme was launched in
    2015, CCRIF has awarded internships to 103 Caribbean nationals with an investment of
    US$320,000.
  • Under the CCRIF Technical Assistance Programme, Component 2 focuses on regional
    knowledge building and is implemented through partnerships with regional organizations
    – ACS, CARICAD, CCCCC, CDEMA, CIMH, CRFM, OECS, UNECLAC, and UWI – to support
    development and implementation of projects focusing on issues of regional interest in
    disaster risk management and climate change adaptation.
  • Under the CCRIF Technical Assistance Programme, Component 3 focuses on support for
    local disaster risk management projects and programmes implemented by NGOs, CBOs
    and academic institutions. Grant values range from US$5,000 toUS$25,000. Since the
    launch of this programme in 2015, CCRIF has allocated US$513,365 to these small projects
    in disaster risk mitigation and climate change adaptation.
  • Since the CCRIF scholarship programmes were launched in 2010, CCRIF has awarded 77 scholarships to
    Caribbean nationals totalling US$1.13 million to complete undergraduate or postgraduate programmes

    Since the CCRIF internship programme was launched in 2015, CCRIF has awarded internships to 103
    Caribbean nationals with an investment of US$320,000

Engage With Us:

  • pr@ccrif.org
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 and the fisheries sector.

CCRIF currently has 22 members.
19
Caribbean Members
3
Central American Members
43
Number of Payouts (TC,EQ,XS)
156
Total Payouts ($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, an 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. In 2017, the Caribbean Development Bank, with resources provided by Mexico, approved a grant to CCRIF SPC to provide enhanced insurance coverage to the Bank’s Borrowing Member Countries and in 2018, the Government of Ireland also provided support to CCRIF.

Meet Our Board of Directors

Meet Our Executive Management Team

Chief Executive Officer

Isaac Anthony was appointed CCRIF Chief Executive Officer on January 1, 2013.

Chief Operations Officer

Gillian Golah was appointed CCRIF Chief Operations Officer at CCRIF on October 1 2015.

Chief Risk Management Officer

Michael Spranger was appointed CCRIF Chief Risk Management Officer on 1 July 2018.

Our Latest Annual Report

Our Latest Annual Report

This report will highlight CCRIF SPC’s main accomplishments and activities during the 2018/19 policy year. This was the first year covered by our new Strategic Plan 2018-21, which reflects the objectives which emerged from consensus of our members and our regional and international partners. This report will present not only CCRIF’s activities and accomplishments but also their contribution to the seven strategic objectives established for 2018-2021.

Key Feature: Working Remotely – Tips from Our 13 Years of Experience as a Virtual Company

Key Feature: Working Remotely – Tips from Our 13 Years of Experience as a Virtual Company

COVID-19 will affect us all in many ways. Given the current situation globally, wheremany government organizations and firms are allowing their staff to telecommute – that isundertaking our work from home, or working remotely, making use of the internet, email, and the telephone – we think that it is prudent to share with you some tips on how toefficiently and effectively work remotely or in that virtual space.

Key Milestones (YouTube Video)

CCRIF SPC Journey Through the Years to 2017

What Stakeholders Are Saying

Latest News

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