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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 60 payouts to 16 member governments on their tropical cyclone, earthquake and excess rainfall policies totalling approximately US$261.8 million. Also, CCRIF has made 23 payments totalling approximately US$2.6 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.




Country Affected

Payouts (US$)

Earthquake, 29 November 2007



Saint Lucia


Tropical Cyclone Ike, September 2008

Turks and Caicos Islands


Earthquake, 12 January 2010



Tropical Cyclone Earl, August 2010



Tropical Cyclone Tomas, October 2010



Saint Lucia


St Vincent & the Grenadines


Tropical Cyclone Gonzalo, October 2014

Anguilla - Excess Rainfall Policy 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

Dominica - Excess Rainfall policy 2,402,153

Earthquake, June 9, 2016

Nicaragua 500,000

Tropical Cyclone Earl, August 2016

Belize - Excess Rainfall policy 261,073

Tropical Cyclone Matthew, September 2016



Barbados - Excess Rainfall policy


Saint Lucia - Excess Rainfall policy


St. Vincent & the Grenadines - Excess Rainfall policy


Tropical Cyclone Matthew, October 2016

Haiti 20,388,067
Haiti - Excess Rainfall policy 3,020,767

Tropical Cyclone Otto, November 2016

Nicaragua 1,110,193

Tropical Cyclone Irma, September 2017


St. Kitts and Nevis




Anguilla - Excess Rainfall policy


Antigua & Barbuda


Turks & Caicos Islands


Turks & Caicos Islands - Excess Rainfall policy


The Bahamas - Excess Rainfall policy


Tropical Cyclone Maria, September 2017




Dominica - Excess Rainfall policy


Saint Lucia - Excess Rainfall policy


Turks & Caicos islands


Barbados - Excess Rainfall policy


St. Vincent & the Grenadines - Excess Rainfall policy


Rainfall event, October 18-20 2017

Excess Rainfall -Trinidad 7,007,886

Tropical Storm Kirk, October 2018

Excess Rainfall - Barbados 5,813,299

Rainfall event, October 18-20 2018

Excess Rainfall - Trinidad 2,534,550
Tropical Cyclone Dorian, September 2019
The Bahamas - Tropical Cyclone


The Bahamas - Excess Rainfall


Tropical Cyclone Karen, October 2019

Excess Rainfall - Tobago 362,982

Tropical Cyclone Amanda/Cristobal, May/June 2020

Belize - Excess Rainfall 203,136

Tropical Cyclone Amanda/Cristobal, May/June 2020

Guatemala - Excess Rainfall 3,628,013

Tropical Cyclone Laura, August 2020

Haiti - Excess Rainfall 7,163,958

Rainfall Event, August 31 - September 2, 2020

Excess Rainfall - Tobago 176,146

Tropical Cyclone Zeta/Eta, October/November 2020

Jamaica - Excess Rainfall 3,500,000
Tropical Cyclone Eta, November 2020 Panama - Excess Rainfall 2,670,556

Tropical Cyclone Eta, November 2020

Nicaragua - Tropical Cyclone 7,793,524

Tropical Cyclone Eta, November 2020

Nicaragua - Excess Rainfall 2,956,021

Tropical Cyclone Iota, November 2020

Nicaragua - Tropical Cyclone 19,891,162

Tropical Cyclone Elsa, July 2021

Barbados - Tropical Cyclone 1,345,500

Tropical Cyclone Elsa, July 2021

Barbados - Excess Rainfall 1,124,424
Earthquake,  August 14,2021 Haiti 39,953,272
Rainfall Event, August 18 - 20, 2021  Excess Rainfall -  Trinidad 2,381,464
Rainfall Event, September 17-19, 2022  Excess Rainfall - Antigua & Barbuda 420,645
Rainfall Event, October 5 - 8, 2022  Excess Rainfall - Trinidad 5,115,782
Rainfall Event, October 5 - 8, 2022  Excess Rainfall - Tobago 726,932
Tropical Cyclone Julia, October 8, 2022 Nicaragua 8,924,577
Rainfall event, November 26-28, 2022 Excess Rainfall - Trinidad 1,400,000
Tropical Cyclone Lisa, November 2022 Belize 455,000

Total for the period June 2007 - July 2023



Total for Tropical Cyclone


Total for Earthquake


Total for Excess Rainfall


Total for TC/EQ ADC



Payments Under the TC/EQ Aggregated Deductible Cover (ADC)


Event Country Payments (US$)

Tropical Cyclone Irma, September 2017

Haiti 162,000
The Bahamas 234,000

Tropical Cyclone Maria, September 2017

Saint Lucia 123,750
Anguilla 29,250
Antigua & Barbuda 32,400
St. Kitts & Nevis 27,150

Earthquake, October 7, 2018

Haiti 91,438
Tropical Cyclone Dorian, August 2019 Barbados 123,500
British Virgin Islands 47,500
St. Kitts and Nevis 32,168
Saint Lucia 130,625
St. Vincent and Grenadines 17,613
Tropical Cyclone Isaias, August 2020 Haiti 290,925
The Bahamas South East 27,499
The Bahamas Central 8,603
The Bahamas North West 270,900
Tropical Cyclone Laura, August 2020 Antigua & Barbuda 70,257
St. Kitts and Nevis 32,168
Haiti 290,925

Tropical Cyclone Nana, September 2020

Belize 35,000
Tropical Cyclone Elsa, July 2021 Haiti 343,055
St. Vincent & the Grenadines 48,988
Saint Lucia 136,469
Tropical Cyclone Fiona, September 2022 Turks & Caicos Islands 668,857
Tropical Cyclone Lisa, November 2022 Belize 53,570
Total ADC   3,328,609
TC ADC   3,237,171
EQ ADC   91,438