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About Us

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. It was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.  

In 2014, the facility was restructured into a segregated portfolio company (SPC) to facilitate expansion into new products and geographic areas and is now named CCRIF SPC. The new structure, in which products are offered through a number of segregated portfolios, allows for total segregation of risk. In April 2015, CCRIF signed an MOU with COSEFIN - the Council of Ministers of Finance of Central America, Panama and the Dominican Republic - to enable Central American countries to formally join the facility.

CCRIF SPC is registered in the Cayman Islands and operates as a virtual organisation, supported by a network of service providers covering the areas of risk management, risk modelling, captive management, reinsurance, reinsurance brokerage, asset management, technical assistance, corporate communications and information technology.

CCRIF offers earthquake, tropical cyclone and excess rainfall policies to Caribbean and Central American governments.

CCRIF helps to mitigate the short-term cash flow problems small developing economies suffer after major natural disasters. CCRIF’s parametric insurance mechanism allows it to provide rapid payouts to help members finance their initial disaster response and maintain basic government functions after a catastrophic event.

Since the inception of CCRIF in 2007, the facility has made 13 payouts for hurricanes, earthquakes and excess rainfall to 8 member governments totalling approximately US$38 million to eight member governments. “These payouts are shown in the table below.”

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 United Kingdom and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments. The Central America SP is capitalized by contributions to a special MDTF by the World Bank, European Commission and the governments of Canada and the United States.
    
Sixteen Caribbean governments are currently members of the facility: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, Saint Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and Turks & Caicos Islands. Nicaragua is the first Central American government to become a CCRIF member.

Event

Country Affected

Payouts (US$)

Earthquake, 29 November 2007

Dominica

528,021

Earthquake, 29 November 2007

Saint Lucia

418,976

Tropical Cyclone Ike, September 2008

Turks and Caicos Islands

6,303,913

Earthquake, 12 January 2010

Haiti

7,753,579

Tropical Cyclone Earl, August 2010

Anguilla

4,282,733

Tropical Cyclone Tomas, October 2010

Barbados

8,560,247

Tropical Cyclone Tomas, October 2010

Saint Lucia

3,241,613

Tropical Cyclone Tomas, October 2010

St Vincent & the Grenadines

1,090,388

Tropical Cyclone Gonzalo, October 2014

Anguilla - Excess Rainfall Policy 493,465

Trough System, 7-8 November 2014

Anguilla 559,249

Trough System, 7-8 November 2014

St. Kitts & Nevis 1,055,408

Trough System, 21 November 2014

Barbados 1,284,882

Tropical Storm Erika, 27 August 2015

Dominica - Excess Rainfall policy 2,400,000

Total for the Period 2007 - 2015

 

37,972,474

 

Our Members

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