The CCRIF Strategic Plan 2018 – 2021 is being implemented during a period in which CARICOM has declared its bold ambition to make the Caribbean the first climate-resilient zone in the world. CCRIF wishes to play its part in helping our region realize this stated ambition. Thus, as CCRIF enters its second decade of operations, additional financing and capital injection will be required to support growth and to facilitate scaling up – that is increasing coverage levels amongst existing members, adding new members and offering new products.
For the 2019/20 policy year, 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.
A magnitude 5.0 earthquake occurred at 08:47:40 UTC on 10 February 2021, 38.8 km (24.1 mi) SSW off Jucuarán, El Salvador; 39.8 km (24.7 mi) SSE off Puerto El Triunfo, El Salvador and 144.5 km (89.8 mi) WNW off Chinandega, Nicaragua. Estimates from the United States Geological Survey (USGS) located the epicentre of the event at 12.949°N, 88.420°W, and at a depth of 91.6 km (56.9 mi). Nicaragua was the only CCRIF member country that was affected by the earthquake.
CCRIF SPC fourth publication of technical papers, which highlights academic papers completed by recipients of CCRIF scholarships who have completed degrees in areas related to disaster risk management at The University of the West Indies and other universities in the United Kingdom.
These scholarships are offered within CCRIF’s larger Technical Assistance Programme, which is aimed at building capacity among key organizations as well as individuals and nongovernmental organizations for improved disaster risk management in the Caribbean region.
COAST is an innovative climate risk insurance mechanism to promote: food security; livelihoods of fisherfolk; resilient fisheries; sustainable management of coastal infrastructure; and disaster risk reduction in the Caribbean.