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CRAIC - Phase I

Phase I - Implementing Partners

Munich Climate-Insurance Initiative logoMunich re LogoCCRIF LogoMicroEnsure

PROJECT OVERVIEW

The Climate Risk Adaptation and Insurance in the Caribbean Project, implemented over the period 2011 – 2014, was led by the Munich Climate Insurance Initiative (MCII) and implemented by CCRIF, MicroEnsure and Munich Re in partnership with MCII. Funding for the project was provided by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) under the International Climate Initiative (IKI). Based on feasibility studies conducted, the project was implemented in three pilot countries: Jamaica, Grenada and Saint Lucia.

The project developed two innovative parametric microinsurance products:
  • Livelihood Protection Policy (LPP): available to low-income individuals for coverage against extreme weather events, specifically high winds and heavy rainfall
  • Loan Portfolio Cover (LPC): designed for lending institutions such as credit unions and insurance companies
These microinsurance products are weather-related products and seek to protect low-income people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved. In other words, these weather-related microinsurance policies are specifically designed for low-income populations to provide coverage for physical assets or livelihoods in the event of a weather hazard.
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