February 21, 2008 - The CCRIF is constantly in dialogue with our government members, taking suggestion on what to include for our 2008 renewal period as well as developing the overall vision for the Facility. The result has been a series of updates the Facility plans to introduce in 2008.
CCRIF has been developing a new model that will allow for coverage for more frequent events. After Hurricane Dean some member governments expressed interest in decreasing the deductible on their policy even if this meant higher premium costs or lower total coverage. Some reduction in hurricane deductible will be made for 2008 renewals, and policies based on the new model will be phased in over a period of several years.
February 21 2008 - One of the requests of the member governments was for the CCRIF to determine the feasibility of offering flood coverage. The World Bank, in partnership with CCRIF, is sponsoring a feasibility study for a rain/flood policy to offer through CCRIF to its participants.
The CCRIF Board is also looking at ways to work with governments in developing mechanisms to support the insurance of Caribbean agricultural interests.
Next year we hope to do a lot more work with our disaster agency partners providing them with real-time hazard impact information via an Internet interface. Initially, generalised impact maps will be available but, in tandem with rollout of a new modelling platform, more detailed government loss information will also be made available in real time to assist with emergency planning and post-disaster needs assessment.
A minimum payment clause is being considered so that once a policy triggers, a minimum payment of an amount equal to the annual premium will be made.
Available coverage per peril will likely be increased from US$50 million to at least US$100 million.
Premiums for countries renewing their policies will be reduced by around 10 percent.
Like many firsts, the CCRIF is a work in progress; we've had a successful year and continue to work with our member partners to ensure the sustainability of the project.