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About Us

Company Overview

CCRIF SPC is a segregated portfolio company, owned, operated and registered in the Caribbean. It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and – since 2015 – Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered. It is the world’s first regional fund utilizing parametric insurance, giving member governments the unique opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage with lowest-possible pricing.

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. It was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.  

In 2014, the facility was restructured into a segregated portfolio company (SPC) to facilitate expansion into new products and geographic areas and is now named CCRIF SPC. The new structure, in which products are offered through a number of segregated portfolios, allows for total segregation of risk. In April 2015, CCRIF signed an MOU with COSEFIN - the Council of Ministers of Finance of Central America, Panama and the Dominican Republic - to enable Central American countries to formally join the Facility.

CCRIF SPC is registered in the Cayman Islands and operates as a virtual organisation, supported by a network of service providers covering the areas of risk management, risk modelling, captive management, reinsurance, reinsurance brokerage, asset management, technical assistance, corporate communications and information technology.

CCRIF offers earthquake, tropical cyclone and excess rainfall policies to Caribbean and Central American governments. In July 2019, the Facility, in collaboration with the World Bank and the US State Department, introduced coverage for the fisheries sector for two member countries – Saint Lucia and Grenada.  In October 2020, CCRIF introduced coverage for electric utilities.

CCRIF helps to mitigate the short-term cash flow problems small developing economies suffer after major natural disasters. CCRIF’s parametric insurance mechanism allows it to provide rapid payouts to help members finance their initial disaster response and maintain basic government functions after a catastrophic event.

Since the inception of CCRIF in 2007, the Facility has made 65 payouts to 17 member governments on their tropical cyclone, earthquake and excess rainfall policies totalling approximately US$274 million. Also, CCRIF has made 26 payments totalling approximately US$3.5 million under member governments’ Aggregated Deductible Cover (ADC).

The ADC is a new policy feature for tropical cyclone and earthquake policies introduced in the 2017/2018 policy year. The ADC was designed to be akin to a dedicated reserve fund providing a minimum payment for events that are objectively not sufficient to trigger a CCRIF policy, because the modelled loss is below the attachment point.

The policy payouts and ADC payments are shown in the tables below.

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 United Kingdom 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, a second MDTF was established by the World Bank to support the development of CCRIF SPC’s new products for current and to 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.

Nineteen Caribbean governments are currently members of the Facility: Anguilla, Antigua & Barbuda, 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 and Turks & Caicos Islands. Four Central American governments are currently members of the Facility: Guatemala, Honduras, Nicaragua, and Panama. Three electric utility companies are currently a member of the Facility: ANGLEC, GRENLEC, and LUCELEC.

Payouts

 

Event

Country Affected

Payouts (US$)

Earthquake, 29 November 2007

Dominica

528,021

Saint Lucia

418,976

Tropical Cyclone Ike, September 2008

Turks and Caicos Islands

6,303,913

Earthquake, 12 January 2010

Haiti

7,753,579

Tropical Cyclone Earl, August 2010

Anguilla

4,282,733

Tropical Cyclone Tomas, October 2010

Barbados

8,560,247

Saint Lucia

3,241,613

St Vincent & the Grenadines

1,090,388

Tropical Cyclone Gonzalo, October 2014

Excess Rainfall Policy - Anguilla 493,465

Trough System, 7-8 November 2014

 

Anguilla 559,249
St. Kitts & Nevis 1,055,408

Trough System, 21 November 2014

Barbados 1,284,882

Tropical Storm Erika, 27 August 2015

Excess Rainfall policy - Dominica 2,402,153

Earthquake, June 9, 2016

Nicaragua 500,000

Tropical Cyclone Earl, August 2016

Excess Rainfall policy - Belize 261,073

Tropical Cyclone Matthew, September 2016


Barbados
 
975,000

Excess Rainfall policy - Barbados
 
753,277

Excess Rainfall policy - Saint Lucia
 
3,781,788

Excess Rainfall policy - St. Vincent & the Grenadines
 
285,349
Tropical Cyclone Matthew, October 2016

Haiti

20,388,067

Excess Rainfall policy - Haiti

3,020,767

Tropical Cyclone Otto, November 2016

Nicaragua 1,110,193

Tropical Cyclone Irma, September 2017

 


St. Kitts and Nevis
 
2,294,603

Anguilla
 
6,529,100

Excess Rainfall policy - Anguilla
 
158,823

Antigua & Barbuda
 
6,794,875

Turks & Caicos Islands
 
13,631,865

Excess Rainfall policy - Turks & Caicos Islands

1,232,769

Excess Rainfall policy - The Bahamas
 
163,598

Tropical Cyclone Maria, September 2017

 


Dominica
 
19,294,800

Excess Rainfall policy - Dominica
 
1,054,022

Excess Rainfall policy - Saint Lucia
 
671,013

Turks & Caicos islands
 
419,372

Excess Rainfall policy - Barbados
 
1,917,506

Excess Rainfall policy - St. Vincent & the Grenadines
 
247,257

Rainfall event, October 18-20 2017

Excess Rainfall policy - Trinidad 7,007,886

Tropical Storm Kirk, October 2018
 
Excess Rainfall policy - Barbados 5,813,299

Rainfall event, October 18-20 2018
 
Excess Rainfall policy - Trinidad 2,534,550
Tropical Cyclone Dorian, September 2019
Tropical Cyclone policy - The Bahamas
 
11,527,151

Excess Rainfall policy - The Bahamas
 
1,297,002

Tropical Cyclone Karen, October 2019
 
Excess Rainfall policy - Tobago 362,982

Tropical Cyclone Amanda/Cristobal, May/June 2020
 
Excess Rainfall policy - Belize 203,136

Tropical Cyclone Amanda/Cristobal, May/June 2020
 
Excess Rainfall policy - Guatemala 3,628,013

Tropical Cyclone Laura, August 2020
 
Excess Rainfall policy - Haiti 7,163,958

Rainfall Event, August 31 - September 2, 2020
 
Excess Rainfall policy - Tobago 176,146

Tropical Cyclone Zeta/Eta, October/November 2020
 
Excess Rainfall policy - Jamaica 3,500,000
Tropical Cyclone Eta, November 2020

Excess Rainfall policy - Panama

2,670,556

Tropical Cyclone Eta, November 2020
 
Tropical Cyclone policy - Nicaragua 7,793,524

Tropical Cyclone Eta, November 2020
 
Excess Rainfall policy -  Nicaragua 2,956,021

Tropical Cyclone Iota, November 2020
 
Tropical Cyclone policy - Nicaragua 19,891,162

Tropical Cyclone Elsa, July 2021
 
Tropical Cyclone policy - Barbados 1,345,500

Tropical Cyclone Elsa, July 2021
 
Excess Rainfall policy - Barbados 1,124,424
Earthquake,  August 14, 2021

Haiti

39,953,272
Rainfall Event, August 18 - 20, 2021

Excess Rainfall policy - Trinidad

2,381,464
Rainfall Event, September 17-19, 2022

Excess Rainfall policy - Antigua & Barbuda

420,645
Rainfall Event, October 5 - 8, 2022

Excess Rainfall policy - Trinidad

5,115,782
Rainfall Event, October 5 - 8, 2022

Excess Rainfall policy - Tobago

726,932
Tropical Cyclone Julia, October 8, 2022

Nicaragua

8,924,577
Rainfall event, November 26-28, 2022

Excess Rainfall policy - Trinidad

1,400,000
Tropical Cyclone Lisa, November 2022

Belize

455,000
Tropical Cyclone Phillippe, October 2023

Excess Rainfall policy - Antigua & Barbuda

2,880,424
Tropical Cyclone Phillippe, October 2023 Excess Rainfall policy - British Virgin Islands 552,297
Tropical Cyclone Tammy, November 2023 Excess Rainfall policy - St. Kitts & Nevis 1,509,804
Earthquake, December 9, 2023 British Virgin Islands 849,374
Rainfall event, June 13 - 19, 2024 Excess Rainfall - Guatemala 6,376,184

Total for the period June 2007 - June 2024

 

274,000,809

Total for Tropical Cyclone policy

  144,398,683

Total for Earthquake policy

  50,003,222

Total for Excess Rainfall policy

  79,598,903

Total for TC/EQ ADC
 
  3,468,313