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  • 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 54 payouts totalling US$254 million to 16
    of its member governments on their tropical cyclone (TC), earthquake (EQ) and/or
    excess rainfall (XSR) policies – all within 14 days of the event.
    Single Largest Payout: Haiti - US$40 million for August 14, 2021 (Earthquake)
    Member receiving the largest number of payouts - Barbados (6)
    Member receiving the largest value in payouts: Haiti - US$78.3 million
  • 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 23 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; 3 Central American governments – Guatemala, Nicaragua, Panama; and 1 Caribbean
    electric utility company
  • 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
    Read more
  • 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 it'sTechnical Assistance Programme, CCRIF has awarded 99 scholarships to
    Caribbean nationals totalling US$1.5 million since 2010; and 137 internships since 2015,
    with an investment of US$374,000.
    Read more
  • 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.
    Read More
  • 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.
    Read more
  • Since the CCRIF scholarship programmes were launched in 2010, CCRIF has awarded 93 scholarships to
    Caribbean nationals totalling US$1.4 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
  • See booklet...
  • A 40-hour postgraduate course in disaster risk financing.

    Registration deadline: November 9, 2021
    Read more
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Engage With Us:

  • pr@ccrif.org

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Our Vision

A Caribbean region and beyond with optimised disaster risk management and climate change adaptation practices supporting long-term sustainable development.

CCRIF SPC Core Values
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
Strategic Objectives
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 23 members.
19
Caribbean Member Governments
3
Central American Member Governments
1
Electric Utility Member
54
Number of Payouts (TC,EQ,XS)
245
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, 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. 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.

Meet Our Board of Directors

Timothy Antoine
Chairman and CARICOM-Nominated Board Member, Representing Member Countries
Desiree Cherebin
Vice Chairperson and Caribbean Development Bank-Nominated Board Member, Finance Specialist
Faye Hardy
Caribbean Development Bank-Nominated Board Member, Representing Donors
Saundra Bailey
CCRIF SPC Board-Nominated Member
Michael Gayle
CARICOM-Nominated Board Member, Insurance Specialist

Meet Our Executive Management Team

Isaac Anthony
Chief Executive Officer
Gillian Golah
Chief Operations Officer
Annual Report 2019/20

Annual Report 2019/20

For the 2019/20 policy year, I am pleased to report that all CCRIF members renewed their existing parametric insurance coverage; and 10 members increased their level of coverage for at least one of their policies compared to the 2018/19 policy year. Members purchased a total of 59 policies: 21 tropical cyclone (TC) policies, 15 earthquake (EQ) policies, 21 excess rainfall (XSR) policies and 2 COAST (fisheries) policies – an increase of four policies compared with the previous year. The total coverage limit for Caribbean and Central American members was US$972.9 million – an increase of almost 30 per cent over policy year 2018/19.

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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.

See full article & others in our E-News

Key Milestones (YouTube Video)

CCRIF SPC Journey Through the Years to 2017

What Stakeholders Are Saying

Dr. the Hon. Nigel Clarke Minister of Finance and the Public Service, Jamaica
As we continue to simultaneously respond to the COVID-19 pandemic, this payout, and certainly our participation in CCRIF generally, as well as other similar facilities, reduces the need for the shifting of fiscal resources from other priority areas to respond to disasters. We know from experience of Jamaica’s susceptibility to natural disaster events including flooding, and the significant damage it can cause to our infrastructure, which is why we have implemented a multi-layer strategy with a menu of financial instruments to manage the financing of disaster risk.
Daniela Tramacere EU Ambassador to Barbados
“Mitigation of COVID-19 impacts ahead of the hurricane season that already started in the region requires extraordinary and coordinated measures. EU is strongly committed to stand together with its partners in the Caribbean, providing emergency support and participating in the social/economic recovery process. The €10 million support has been provided to CCRIF SPC to ease payment of member countries’ premiums and improve their risk coverage against natural hazards.”
Ms. Christiana Figueres former Executive Secretary, UNFCCC
“The Caribbean is the only region in the world that has a regional insurance system. The CCRIF is quite unique and actually is looked upon by other countries as a possible lessons learned to see what can be extrapolated.”
Joe Biden Former US Vice President
“You’ve already created, Mr. President, an initiative and an innovative model for regional cooperation by pooling risks to respond to natural disasters. And therefore I think that the whole region is better equipped in the future to deal with these pending problems.” Former US Vice President Joe Biden, speaking about CCRIF at a meeting in 2013 with Trinidad and Tobago President Anthony Carmona and Prime Minister Kamla Persad-Bissessar and other Caribbean leaders
Ms. Dianne Batistoni Partner, Financial Services- Insurance Group Eisner Amper
“The CCRIF’s ability to turn around payments in less than a month for eight separate cat claims since its inception in 2007 makes it a truly valuable and unique solution.” Ms. Dianne Batistoni – Partner, Financial Services- Insurance Group Eisner Amper, when Best’s Review January 2013 Innovative Showcase recognized CCRIF as a “good innovative/non-traditional approach to reinsurance for emerging/economically challenged countries”
Center for Global Development January 2010
“The sum is small, but the proof of concept, powerful. The CCRIF moved faster than the World Bank, faster than the IMF, faster than the U.S.< government. If another 0 or so were appended to the CCRIF financing numbers, it could become a superior alternative to ad hoc debt relief and debt creation at dire moments.” Center for Global Development, January 2010, referring to CCRIF’s payout of US$7.75 million after the January 2010 earthquake, which represented approximately 20 times Haiti’s earthquake premium
Acclimatise March 2013
Although disaster insurance is far from a panacea for managing the risks posed by climate change, it can provide a certain amount of resilience for vulnerable people in the short term. There have been some interesting examples of disaster risk insurance facilities that have come on stream since last year’s Cancun climate conference. … there is one that has been operating successfully… and which may offer a model for others to copy: The Caribbean Climate Risk Insurance Facility (CCRIF).
The Economist June 2015
Poorer countries are less able to afford the “premiums” that catastrophe bond issuers pay to investors in return for protection. But countries such as Bangladesh and Nepal could benefit from a regional risk-pooling mechanism like the Caribbean Catastrophe Risk Insurance Facility, a multi-country disaster-relief fund set up in 2007. This is a donor-backed scheme for the rainiest of days, into which Caribbean governments also pay a contribution. The CCRIF includes a lot of countries, which diversifies risk and reduces premiums. It also has clear payment triggers, which means that it dispenses cash immediately after the hurricanes and storms that dog the region.
G-7 Summit Fact Sheet June 2015
The G-7 announced action to support efforts by vulnerable developing countries to manage climate change-related disaster risk through insurance, with an aim to increase the number of people with access to direct or indirect climate risk insurance coverage by up to 400 million by 2020. This commitment will build upon existing risk insurance facilities such as the Caribbean Catastrophe Risk Insurance Facility (CCRIF). In 2014, the United States contributed $10 million to support expansion of catastrophe risk insurance coverage through the CCRIF to Central American countries.
Mr. John Nash former lead economist for Latin America and the Caribbean at the World Bank
“[CCRIF] could serve as a model for collective strategies for dealing with natural disasters ... [it] provides participating governments from the Caribbean region with immediate access to cash if hit by a hurricane or earthquake and could save countries signifi cantly. Pooling their risk will save the 16 participating countries approximately 40 per cent in individual premium payments.”
Mr. John Nash former lead economist for Latin America and the Caribbean at the World Bank
“[CCRIF] could serve as a model for collective strategies for dealing with natural disasters ... [it] provides participating governments from the Caribbean region with immediate access to cash if hit by a hurricane or earthquake and could save countries signifi cantly. Pooling their risk will save the 16 participating countries approximately 40 per cent in individual premium payments.” Mr. John Nash, former lead economist for Latin America and the Caribbean at the World Bank
Hon. Bruce Golding former Prime Minister of Jamaica
“[CCRIF is] one of the most significant developments to have taken place in recent years in the region. I am really pleased with the speed with which CCRIF has been able to respond to those cases – Haiti, Anguilla and the Eastern Caribbean countries – that were battered by Tomas.” Hon. Bruce Golding, former Prime Minister of Jamaica, speaking at the fifth Caribbean Conference on Disaster Management in Jamaica in 2010
Hon. Audley Shaw Minister of Finance, Jamaica
“…we call upon the IMF and World Bank Group to further enhance the Caribbean Catastrophe Risk Insurance Facility (CCRIF), and to facilitate greater access to fi nancing for climate change mitigation and adaptation.” Hon. Audley Shaw, Minister of Finance, Jamaica, in his address at the 2010 IMF and World Bank Group Annual Meetings
Mr. Bancroft Battick Acting Permanent Secretary in the Ministry of Infrastructure of Anguilla
“Anguilla’s membership in CCRIF has brought signifi cant benefi ts to the island, the major one being to make the Government of Anguilla as robust as possible to natural . . . disasters, with enhanced ability to respond after a major disaster event.”
Ms. Ngozi Okonjo-Iweala former Minister of Finance, Nigeria and Chair of the African Risk Capacity (ARC)
“Later this year, world leaders will gather in Warsaw for the United Nations’ Climate Change Conference, and the agenda will include regional risk pools. Any effective mechanism for adapting to climate change needs to provide timely and reliable funding linked to weather events. Fundamentally this is an insurance proposition. The ARC and its Caribbean sister institution, the Caribbean Catastrophic Risk Insurance Facility (CCRIF), stand at the forefront of this effort.”
Amb. Edwin Carrington former CARICOM Secretary- General
“CARICOM’s wisdom and foresight were evident in the creation of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) whose prompt payout to Haiti turned out to be one of the signifi cant sources of fi nancing in this, Haiti’s hour of need.” Amb. Edwin Carrington, former CARICOM Secretary- General, speaking at the 2010 COFAP meeting
Mr. Martin Cox Director of Finance and Economic Affairs, Barbados
“This contribution to the Treasury comes at a good time and will no doubt help us recover from the impacts of these rains. The funds will go into the Consolidated Fund but we will arrange for the Ministry of Public Works to be able to use the resources for necessary repair work.” Mr. Martin Cox, Director of Finance and Economic Affairs, Barbados, speaking in 2014 on CCRIF’s payout of US$1.28 million under that country’s excess rainfall policy
Hon. Christopher Sinckler Minister of Finance and Economic Affairs, Barbados
“…the full impact of this reduction was however not felt due to the receipt of the insurance payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for the damage caused by Tomas during the month of November 2010.” Hon. Christopher Sinckler, Minister of Finance and Economic Affairs, Barbados in his Financial Statement and Budgetary Proposals for 2011 delivered to Parliament, which indicated that fiscal revenues for 2010-2011 had decreased
Mr. Martín Portillo Executive Secretary, COSEFIN
“After exploring options for engaging in sovereign disaster risk fi nancing, Central American countries concluded that joining the CCRIF SPC facility was the most effi cient and cost-effective insurance mechanism to pool our risk. This will allow us to reduce our countries’ fi scal vulnerability to the adverse effects associated with earthquakes, tropical cyclones, excess rainfall and other events.”
H. E. Iván Acosta Minister of Finance, Nicaragua
“For Nicaragua, it is an honor to be the fi rst member of COSEFIN countries to join the CCRIF. This insurance will allow us to strengthen fi nancial resilience to natural disasters and continue our efforts to reduce poverty and respond to climate change challenges as part of our National Human Development Plan.”
Hon. Allen Chastanet Prime Minister, Saint Lucia
“This cheque will be going directly to strengthening and rebuilding our agriculture sector and to paying for some of the costs that we have.” Hon. Allen Chastanet, Prime Minister, Saint Lucia, speaking about the CCRIF payout of US$3.8 million to Saint Lucia following Tropical Storm Matthew
Amb. Irwin La Rocque Secretary General, Caribbean Community
“The early response to the aftermath of Matthew as well as the supportive facility put in place to help resource the required recovery and rebuilding effort also underline the critical importance of the regional institutional frameworks established by the Community, CDEMA and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) which has already processed payment to two of the affected countries, Barbados and Haiti.”
Dr. Wm. Warren Smith President, Caribbean Development Bank
“We know from bitter experience that even the most carefully crafted fi scal adjustment programme can be quickly derailed by a major climate event. Buying adequate insurance cover offers an efficient way of transferring some of this risk. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is an excellent vehicle for this purpose.”

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