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REOI-Consulting Services for the Peer Review of the Actuarial Soundness of CCRIF Models



Country: Cayman Islands

Project:Central America and Caribbean Catastrophe Risk Insurance Program Project (P149670)

Grant No.: TF0A5343

Assignment Title: A Peer Review of the Actuarial Soundness of CCRIF SPC’s Loss Assessment Models for Central America and the Caribbean (i) Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) (ii) Excess Rainfall Loss Assessment Model (XSR 2.0) and (iii) Drought Loss Assessment Model (Drought 1.0).

Reference No: CCRIF-REF-15

The Project is financed through the Central America and Caribbean Catastrophe Risk Insurance Program (Program) Multi-Donor Trust Fund (MDTF), which is administered by the World Bank.

The consulting services (“the Services”) include a technical review of the document explaining the probabilistic methodology for performing DFA that is based, among other inputs, on the country-specific risk profiles computed by the catastrophe risk models (SPHERA, XSR 2.0 and Drought 1.0). The soundness of the country-specific risk profiles and of the methodology that was used to produced them has been assessed elsewhere and does not concern this review. The scope of works involves:

  • The technical soundness of the methodology that uses the country-specific risk profiles from the catastrophe risk models (SPHERA, Drought 1.0 and XSR 2.0) to estimate the multi-country risk profile and, therefore, the risk for the SPC;
  • the structure of CCRIF SPC’s earthquake, tropical cyclone, drought and excess rainfall policies, specifically whether the policies adequately reflects the model;
  • the soundness of the DFA that CCRIF SPC uses to help determine the pricing of the policies; and
  • whether such pricing is actuarially consistent with CCRIF SPC’s solvency and long-term survivability.
The Required Qualifications and Relevant Experience to perform the Services are:
  • A qualified Actuary with a degree or certification in Actuarial Sciences or an equivalent and suitable qualification;
  • Experience in developing and Peer Reviewing catastrophe risk estimation models;
  • At least 10 years of proven experience as a reviewer of catastrophe risk estimation models;
  • Excellent analytical skills, and ability to prepare professional narrative reports summarizing observations and conclusions;
  • Good oral and written communication abilities in English are required and
  • Experience and knowledge of the Central America and the Caribbean context.

The assignment is expected to commence in December 2018 upon execution of the contract and the expected level of effort (LOE) is no more than 30 days over a two-month period.

The detailed Terms of Reference (TOR) for the assignment can be found attached below.

CCRIF SPC now invites eligible individuals (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services.

The shortlisting criteria is based on the above listed Required Qualifications and Relevant Experience.

The attention of interested Consultants is drawn to Section III, paragraphs, 3.14, 3.16, and 3.17 of the World Bank’s “Procurement Regulations for IPF Borrowers” July 2016 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.  

A Consultant will be selected in accordance with the Open Competitive Selection of Individual Consultants method set out in the Procurement Regulations.

Further information can be obtained at the address below.

Expressions of interest must be delivered in a written form to the address below by e-mail by October 29, 2018.



Subject line - CCRIF-REF-15

Attn: Isaac Anthony, Chief Executive Officer
Registered Office: c/o Sagicor Insurance Managers Ltd., 198 North Church Street
2nd Floor, Sagicor House, P.O. Box 1087, Grand Cayman, KY1-1102, Cayman Islands



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