REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES – CONSULTANTS’ QUALIFICATION SELECTION “CQS”)
Assignment Title: Consulting Services for an Insurance Market and Demand Analysis for Central America within the context of Disaster Risk Financing.
Reference No: IMDA/2026 – CCRIF SPC – Insurance Market and Demand Analysis for Central America.
CCRIF is commissioning an insurance market and demand analysis for Central America focused on three main objectives:
- To assess each country’s specific needs, challenges and opportunities as related to the appetite and readiness of governments to purchase existing and available Disaster Risk Financing instruments, including parametric insurance products and other potential products from CCRIF, and other development partners or insurance companies.
- To assess and understand the disaster risk insurance market landscape in all COSEFIN member countries (Nicaragua, Guatemala, Costa Rica, El Salvador, Panama, Honduras and the Dominican Republic). This supply analysis should also look at non-insurance products/instruments for disaster risk financing and management.
- To come up with key recommendations that will help refine and strengthen CCRIF’s scale up plans and competitive advantage in COSEFIN member countries vis-à-vis other competing offerings or risk financing products that countries in the region are, or may consider, purchasing.
Scope of the Assignment
The following sets out a list of activities that the consulting firm is expected to undertake in fulfillment of this market and demand analysis:
- Review findings of other market demand studies produced by other development partners, multi-lateral organizations, or insurance companies which have assessed market demand for insurance products in the context of financial protection and aligned with governments´ debt and fiscal sustainability frameworks as well as governments’ efforts in DRM and DRF strategies.
- Review National policies and international commitments on SDG´s, climate change, ESG factors and critical infrastructure resilience that could be supported by parametric insurance.
- Conduct interviews with key stakeholders from relevant ministries, civil protection or DRM agencies, and potentially other insurance companies operating in the region to understand their various needs, perspectives on the insurance market in their respective countries, and their views and perceptions of parametric insurance and other risk financing products in the region tied to national objectives and economic development initiatives. As conclusion, key stakeholders and potential champions to be reached, for the involvement of each country in CCRIF programs, shall be identified.
- Market demand analysis should assess each country’s specific needs and each government’s level of interest or appetite for purchasing insurance products, including parametric insurance for disaster risk financing and management and how countries relate disaster risk financing to the protection of economic development objectives and plans to increase resiliency toward sustainable development gains.
- Assess the disaster risk insurance market landscape in all COSEFIN member countries (Nicaragua, Guatemala, Costa Rica, El Salvador, Panama, Honduras, and the Dominican Republic), with a focus on market conditions, key players, as well as risks and opportunities in the region from a supply point of view; Market analysis should provide information on available Disaster Risk Financing instruments (including relative pricing analysis), the size of the market, the various segments (sovereigns, sub-nationals, homeowners, businesses, vulnerable sectors like agricultures), factors impacting demand, the competition, the economic environment, barriers to entry and regulation.
- The assessment should also investigate the possible role that CCRIF could play in broader disaster risk financing across the region as it relates to working with the private sector to offer parametric insurance products such as microinsurance products or hybrid products or capital markets instruments to help build local capacity and risk finance market programs.
- The assessment should investigate additional insurance products that CCRIF could develop based on the expressed demand by members or which could be introduced to COSEFIN members. (Based on interviews and other information gathered and analyzed).
- A summary with key conclusions and recommendations that are relevant for CCRIF’s expansion plans in the region, based on the insurance demand study, economic environment, and market conditions, as well as demand projections for the next seven years.
The firm must demonstrate, in a well-detailed Expression of Interest, the following:
- An assigned team with personnel possessing advanced degrees in economics, public administration, development studies, insurance administration, catastrophe risk insurance or related discipline.
- A minimum of ten (10) years’ experience in conducting market assessments both demand and supply, working with/within Ministries of Finance in Disaster Risk Financing/Disaster Risk Management; specific experience with the catastrophe risk insurance industry including parametric insurance products is required.
- Experience with disaster risk financing in Central America would be an advantage.
- Excellent speaking, writing and communication skills in both English and Spanish.
- Strong interpersonal skills and the ability to communicate and interact with diverse people, including at the ministerial level.
The services are expected to commence upon execution of the contract, and the expected level of effort (LOE) is 30 person-days over a 48 calendar-day period. The timelines for key deliverables are outlined in the Terms of Reference.
The detailed Terms of Reference (TOR) for the assignment can be found below.
CCRIF SPC now invites eligible firms to indicate their interest in providing the Services. Interested firms should provide information (brochures, description of similar assignments, experience in similar conditions, general qualifications and number of key staff etc.) demonstrating that they have the required qualifications and relevant experience to perform the Services. Interested firms are required to declare conflicts of interest.
The shortlisting criteria are based on the above listed Required Qualifications and Relevant Experience.
The Firm will be selected in accordance with CCRIF’s Consultants’ Qualification Selection (CQS). From the firms that submit an Expression of Interest, CCRIF SPC will select the firm with the best qualifications and relevant experience and invite it to submit its technical and financial proposals for negotiations.
Further information can be obtained at the address below.
Expressions of interest must be delivered in a written form to the address below by e-mail by July 10, 2026.
CCRIF SPC
Subject Line – CCRIF SPC - Insurance Market and Demand Analysis for Central America.
Attn: Isaac Anthony, Chief Executive Officer
Registered Office: c/o Willis Towers Watson Management (Cayman) Limited, 2nd Floor, The Harbour Centre, 159 Mary Street, George Town, P.O. Box 30600, Grand Cayman, KY1-1203, Cayman Islands
Email: procurement@ccrif.org
