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.
The policy year 2022/23 represented 16 years of CCRIF providing catastrophe risk insurance to the Caribbean and 7 years to Central America. CCRIF continue to provide access to quick liquidity following natural disasters, scaling up access to parametric insurance for new perils and new economic sectors.
This event briefing describes the impact of rainfall on the central region of The Bahamas (The Bahamas – Central), which was associated with a Covered Area Rainfall Event (CARE) from December 17, 2023 to December 19, 2023. The Rainfall Index Loss (RIL) for the Covered Area Rainfall Event was below the attachment point of the country’s Excess Rainfall policy for the Central1 region, and therefore no payout is due to the Government of The Bahamas.
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.