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 and electric utility sectors.
CCRIF operates as a development insurance company - as the goods and services we
provide are designed to enhance the overall developmental prospects of our members.
The Facility 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, to help close the protection gap and ensure that we "leave no one behind".
CCRIF:
- Is the world's first multi-country, multi-peril risk pool based on parametric insurance
- Provides parametric catastrophe insurance for Caribbean and Central American
governments; and now for electric utility companies
- Provides quick liquidity following a natural disaster helping to close the liquidity gap
Since its inception in 2007, CCRIF has made 60 payouts totalling US$261.8 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.
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% have been
allocated 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, as well as seismic hazards.
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 3.5 million persons in the Caribbean and Central America
have benefitted directly and indirectly from these payouts after a natural
disaster.
CCRIF currently has 26 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
- 4 Central American governments – Guatemala, Honduras, Nicaragua, Panama
- 3 Caribbean electric utility company - ANGLEC, GRENLEC, LUCELEC
We are particularly proud of our 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 the Caribbean Regional Fisheries
Mechanism (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, and flooding (run-off).
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.
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).

2023 Caribbean Regional Technical Workshop on CCRIF Models

2022 Caribbean Regional Risk Conference

pr@ccrif.org

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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, the ﬁsheries sector and the public utilities sector.

CCRIF currently has 23 members.

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.

Earthquake Policies

The System for Probabilistic Hazard Evaluation and Risk Assessment (SPHERA) model has been used to underpin CCRIF’s EQ policies since the 2019/20 year.

Tropical Cyclone Policies

The System for Probabilistic Hazard Evaluation and Risk Assessment (SPHERA) model has been used to underpin CCRIF’s TC policies since the 2019/20 year.

Excess Rainfall Policies

The current model for excess rainfall is the XSR 2.5 model and has been used to underpin CCRIF’s XSR policies since the 2019/20 year. Improvement

Fisheries Policy - COAST

The COAST insurance product supports governments’ efforts to rapidly put money into the hands of persons in the fisheries sector impacted by extreme weather, providing them with immediate economic relief and promoting a culture of building back better to enhance coastal community resilience after

Electric Utilities Policy

CCRIF SPC has launched its newest parametric insurance product, which has been developed for the electric utility sector in the Caribbean.

Annual Report 2021/22

For the past 15 years we have been able to consistently provide quick liquidity to our members within 14 days of a natural disaster when a country’s policy is triggered. This helps governments meet their most pressing needs after the disaster, support the most vulnerable in their population and continue government operations. Our member governments have demonstrated year after year that they are leading the way in putting fi nancial protection mechanisms in place to address disaster risk. Indeed, our governments are exploring innovative solutions to complement CCRIF’s products, which serves to promote our message that disaster risk financing strategies are critical to a country’s long-term sustainable development.

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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.

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