How does CCRIF use donations and premiums paid to the Facility?

CCRIF keeps its assets relatively liquid to ensure quick payout if a member government’s policy is triggered. At least US$20M is held as cash or cash-equivalent, while the remainder is managed by a specialist investment company. The returns on these investments are used to lower the long-term costs of premiums and to offset the Facility’s operating costs. The CCRIF Insurance Manager adheres to strict financial reporting guidelines, updating the Board on the financial status of the fund by issuing quarterly financial statements, and meeting all auditing and reporting requirements of the Cayman Islands Monetary Authority. In addition to CCRIF’s own assets, it continues to have access, via a Grant Agreement, to the World Bank-administered CCRIF Multi-donor Trust Fund, which comprises the funds provided by donors to ‘capitalise’ CCRIF. These funds are utilised to pay operational costs, reinsurance premiums and claims. On behalf of these donors, the World Bank provides governance, financial and operational oversight and review of CCRIF, including annual project reviews.