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CCRIF SPC Key Milestones 2007-2017

Key Milestones – 2007 – 2017

  1. The facility has been able to consistently adhere to its value proposition of paying within 14 days of a policy triggering.
  2. Addressing stakeholder demands by developing and bringing to market a new product – excess rainfall in 2013 – to complement its tropical cyclone and earthquake products.
  3. Keeping premiums low and continuously taking into account the various fiscal challenges faced by members
  4. The conversion of the Facility into a Segregated Portfolio Company (SPC), which better facilitates developing and offering new products and expansion into new geographic regions; by establishing segregated portfolios, CCRIF is able to prevent the cross-subsidization of risk from one region to another, ensuring that each region’s risk will be based on the particular risk profiles of the countries in that region.
  5. The launch of a successful technical assistance programme that has resulted in 41 scholarships, 45 internship placements, and 4 small grants to NGOs and CBOs.
  6. Working with MCII and Munich Re, with support from the German Government, to bring to market in 2013 microinsurance parametric products targeted at vulnerable persons – farmers, day labourers and seasonal workers in the tourism, agricultural and construction sectors.
  7. Building many strategic and long-lasting stakeholder relationships – members, donors, regional and international organizations, DRM officials in member countries and within global organizations, and climate change specialists among others
  8. Continued global recognition as a reproducible model (has been receiving worldwide attention since 2007) – especially as it relates to the paradigm shift in the way governments treat hazard risk, leading to  various forms of goodwill including for example, the G-7 and former US President Obama committing resources to the CCRIF to expand parametric insurance coverage to both vulnerable peoples and other regions
  9. Promotion by the UNFCCC as a best practice example for climate change adaptation
  10. A rating of CCRIF's performance as Highly Satisfactory in the 2012 World Bank Implementation Completion Report of CCRIF's performance from its inception to 2012. This is the Bank's highest possible rating and was based on CCRIF's demonstrated ability to enable Caribbean governments to transfer a portion of their hurricane and earthquake risk to the facility at the lowest possible price and to provide prompt cash payouts, all within two weeks following a covered event. The report stated that CCRIF out-performed the original estimates of the cost savings that it initially hoped to provide and, moreover, that it achieved financial sustainability more quickly and to a higher level than originally expected.                    

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