CCRIF SPC limits the ﬁnancial impact of natural hazard events to
Caribbean and Central American governments by quickly providing
short-term liquidity when a policy is triggered. CCRIF offers parametric
insurance policies for tropical cyclones, earthquakes, excess rainfall, and
the ﬁsheries and electric utility sectors.
CCRIF operates as a development insurance company - as the goods and services we
provide are designed to enhance the overall developmental prospects of our members.
The Facility is a working example of a disaster risk financing instrument and one of a suite
of disaster risk financing instruments available to governments to assist in post-disaster
recovery, to help close the protection gap and ensure that we "leave no one behind".
- Is the world's first multi-country, multi-peril risk pool based on parametric insurance
- Provides parametric catastrophe insurance for Caribbean and Central American
governments; and now for electric utility companies
- Provides quick liquidity following a natural disaster helping to close the liquidity gap
Since its inception in 2007, CCRIF has made 54 payouts totalling US$245 million to 16
of its member governments on their tropical cyclone (TC), earthquake (EQ) and/or
excess rainfall (XSR) policies – all within 14 days of the event.
Single Largest Payout: Haiti - US$40 million for August 14, 2021 earthquake
Member receiving the largest number of payouts - Barbados (6)
Member receiving the largest value in payouts: Haiti - US$78.3 million
Governments have used CCRIF payouts for a variety of purposes, including immediate
recovery and repair activities; providing food, water and shelter to affected persons;
stabilizing public facilities such as water treatment plants; making long-term improvements
to critical infrastructure such as roads, drains and bridges; mitigation activities to enhance
resilience against future natural hazards; and to “keep the wheels of government turning”,
for example by paying salaries of critical government personnel. For example, 62% of all
payouts have been used partially or wholly for immediate post-event activities; 14% have
been used for long-term infrastructure work; 6% have been used for both risk mitigation
activities and assistance to economic sectors – in this case agriculture; and 3% have been
allocated to establish a national recovery fund.
We need to be mindful that CCRIF was not designed to cover all losses
on the ground – but rather to allow governments to reduce their
budget volatility and to guarantee sufficient capital for emergency
relief. CCRIF therefore acts as a vast security blanket for its members
which are vulnerable to the increasing severity and frequency of
climate and weather-related perils, as well as seismic hazards.
The truth is what we do at CCRIF is about supporting governments to help their
populations – communities, businesses and key sectors such as education,
agriculture, and tourism. A rough assessment of the beneficiaries of CCRIF’s
payouts show that over 3.5 million persons in the Caribbean and Central America
have benefitted directly and indirectly from these payouts after a natural
CCRIF currently has 23 members:
- 19 Caribbean governments – Anguilla, Antigua & Barbuda, The 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, Turks & Caicos Islands
- 3 Central American governments – Guatemala, Nicaragua, Panama
- 1 Caribbean electric utility company - ANGLEC (Anguilla)
We are particularly proud of our fisheries product – COAST – which was launched in 2019
and is currently offered to Saint Lucia and Grenada. COAST is a partnership between
the US Department of State, the World Bank, CCRIF and the Caribbean Regional Fisheries
Mechanism (CRFM). While COAST is a sovereign insurance product purchased by
governments, it acts like a microinsurance product for individuals in the fisheries sector,
protecting the livelihoods of fisherfolk, boat captains and crew, fish vendors etc. The policy
is structured to include a mechanism to transfer funds from a payout received by the
Government to pre-identified beneficiaries in the fisheries sector.
In response to demands by our member governments, we also are in the process of
developing new products – for drought, agriculture, and flooding (run-off).
Today, insurance within the context of disaster risk financing is both relevant and
necessary given the realities we are now faced with, such as climate change.
Four years after the establishment of CCRIF, the Climate Risk Adaptation and Insurance in
the Caribbean (CRAIC) project was launched in 2011 to focus on providing climate risk
insurance products similar to those provided by CCRIF but for individuals.
The microinsurance product known as the livelihood protection policy (LPP) targets the
most vulnerable persons in 5 CCRIF member countries – Jamaica, Saint Lucia, Grenada,
Belize, and Trinidad & Tobago.
CCRIF proposes that disaster preparedness must be a function of:
disaster risk mitigation + ecosystem management + disaster risk
financing + cutting-edge social protection strategies (including
consideration of psychological impacts of future disasters on our
Under its Technical Assistance Programme, CCRIF has awarded 102 scholarships to
Caribbean nationals totalling US$1.56 million since 2010; and 137 internships since 2015,
with an investment of US$374,000.
Under the CCRIF Technical Assistance Programme, Component 2 focuses on regional
knowledge building and is implemented through partnerships with regional organizations
– ACS, AARFRC, CARICAD, CCCCC, CDEMA, CIMH, CRFM, ECLAC, OECS, UNDP, and
The UWI – to support development and implementation of projects focusing on issues of
regional interest in disaster risk management and climate change adaptation.
Under the CCRIF Technical Assistance Programme, Component 3 focuses on support for
local disaster risk management projects and programmes implemented by NGOs, CBOs
and academic institutions. Grant values range from US$5,000 toUS$25,000. Since the
launch of this programme in 2015, CCRIF has allocated almost US$600,000 to these small
projects in disaster risk mitigation and climate change adaptation.
Since the CCRIF scholarship programmes were launched in 2010, CCRIF has awarded 93 scholarships to
Caribbean nationals totalling US$1.4 million to complete undergraduate or postgraduate programmes
Since the CCRIF internship programme was launched in 2015, CCRIF has awarded internships to 103
Caribbean nationals with an investment of US$320,000