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REOI Feasibility Study for the Expansion of CCRIF within the Context of Disaster Risk Financing and other Innovative Forms of Financing



Assignment Title: Feasibility Study for the Expansion of CCRIF within the Context of Disaster Risk Financing and other Innovative Forms of Financing

Reference No:  3 – CCRIF SPC – Feasibility Study

The Consulting Services (“the Services”) is for the development of an Expansion Study for CCRIF SPC.

The following sets out a list of activities that the consultant is expected to undertake in fulfillment of this feasibility study.

  • A stakeholder analysis to assess the Disaster Risk Management (DRM) gaps, needs and challenges among CARICOM and COSEFIN members, focusing on country risk information and identification financial protection strategies 
  • Review findings of the disaster risk financing studies produced by the World Bank and other multilateral organizations, which have assessed DRM and DRF gaps across the region in sovereign countries as well as overseas territories, to identify potential roles for CCRIF
  • An assessment of the country and regional programmes of various development partners engaged in the Caribbean and Central America and possible areas in which CCRIF can establish a long-term cooperation or provide a competitive advantage
  • A review of innovative financing instruments (e.g. blue bonds, green bonds, blended financing, debt-for-nature swaps, resilience bonds etc.) that could be recommended for use by CCRIF to build out and enhance the Facility’s current capital outlay
  • 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.
  • An assessment of additional parametric insurance products that CCRIF can develop as demanded by members or which could be introduced to members
  • An assessment of innovative financing facilities such as the Green Climate Fund that may be possible for CCRIF to access
  • An assessment of new geographic locations that CCRIF could provide technical services and support to and the rationale for same, making reference to risk pooling and the accompanying opportunities
  • An assessment of the regulatory and institutional requirements to support an expanded mandate for CCRIF beyond the provision of parametric insurance
  • Review of the 2020 Capacity Assessment Report, highlighting new areas of expertise required for implementation of the Expansion Plan
  • A detailed analysis of the rationale and level of donor support needed and approaches to reduce the cost of coverage on a short, medium and long term basis
  • Development of a Business Plan for CCRIF SPC summarizing the demand assessment, economic environment and market conditions including 5-year financial projections and financial analysis. The Business Plan should include a full description and justification of any new initiatives relating to products, risk transfer instruments along with the rationale for expansion and inputs from CCRIF investment income as well as cost elements such as risk transfer, claims estimations and administrative costs.  The Business Plan and Financial Projections should demonstrate the capital requirements over a five-year period, and a basis for donor funding through grants, low cost debt or equity

The firm must demonstrate, in a well-detailed proposal, the following experience and expertise:

  • Each team member assigned to the consultancy should possess an advanced degree – Master’s Degree in Management, Public Administration, Law, Political Sciences, Economics, or related fields OR Undergraduate university degree with relevant combination of professional training, certification and experience may be accepted in lieu of the advanced university degree.
  • The lead team members must possess a minimum of ten (10) years of progressively responsible experience in the field of business management, public administration, developmental strategy including at least five (5) years working with government agencies and/or international organizations.
  • A minimum of 5 years’ in-depth knowledge and demonstrated experience in conducting feasibility studies and business expansion plans
  • Familiarity with the disaster risk landscape in Central America and the Caribbean

The services are expected to commence in June 2021 upon execution of the contract and the expected level of effort (LOE) is 55 days over a two-month period.  The specific dates for deliverables will be agreed by contract. The specific dates for deliverables will be agreed during the negotiation of the contract.

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 Consultant’s Qualification Selection (CQS).

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 April 30, 2021, 23:45 Cayman Islands time.

Subject Line – Feasibility Study
Attn: Isaac Anthony, Chief Executive Officer
Registered Office: c/o Sagicor Insurance Managers Ltd., 198 North Church Street
2nd Floor, Sagicor House, P.O. Box 1087, Grand Cayman, KY1-1102, Cayman Islands