CCRIF’s Strategic Plan 2022 – 2025 has been produced at a time when the world and indeed our member governments and their populations continue to face unprecedented disruptive effects. Latin America and the Caribbean (LAC) is considered the region in the developing world that has been hardest hit by the pandemic, resulting in the worst economic contraction in the history of this region. This has been characterized by sharp increases in unemployment, which have had a knock-on effect on household incomes and the ability of families to meet basic needs. There also has been falling commodity prices, reduction in international trade and increases in the poverty rate, among other issues.
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.
Tropical Storm Bret was the third named tropical cyclone of the 2023 Atlantic Hurricane Season. On 22 and 23 June, Bret passed over Barbados and the Windward Islands.Tropical-storm-force winds spread over Barbados, Saint Lucia and Saint Vincent and the Grenadines. At the time of writing this report, Bret was about to pass north of Aruba, Bonaire and Curacao, and was expected to dissipate within a few hours.
This event briefing is designed to review the modelled losses due to wind and storm surge calculated by CCRIF’s models for affected CCRIF member countries, to be analyzed with respect to members’ Tropical Cyclone policies. Barbados, Saint Lucia and Saint Vincent and the Grenadines were the only CCRIF member countries for which the CCRIF loss model for wind and storm surge produced government losses due to Tropical Cyclone Bret. A
CCRIF has 24 members – 8 more than the original 16 governments that joined in 2007 – 3 from Central America and 19 from the Caribbean and 2 electric utility companies. CCRIF helps to mitigate the short-term cash fl ow problems small developing economies suffer after major natural disasters.
A critical challenge is often the need for short-term liquidity to maintain essential government services until additional resources become available.