This online summer course provides an introduction to disaster risk financing (DRF) and the relationship with fiscal and economic policy and to Caribbean governments’ primary tool DRF tool – CCRIF SPC. The course is for recent university graduates, current university students and other persons with an interest in areas such as disaster risk management, environmental sustainability, economics, geography, etc.

Participants are exposed to a range of topics and in-depth information on:

Natural Disasters and the Caribbean Hazard Landscape
Introduction to Economic Theory
The Impact of Natural Disasters on the Economy
The Relationship between Disaster Risk Management and Disaster Risk Financing
Understanding Disaster Risk Financing
Disaster Risk Financing Tools
The Linkages between Insurance and Social Protection Strategy – Case Study on the Climate Risk Adaptation and Insurance in the Caribbean Project (CRAIC)
Introduction to CCRIF’s Parametric Insurance Policies and Models
Differences between Parametric Insurance and Indemnity Insurance
Overview of CCRIF’s Country Risk Profiles and Applicability to Development Planning
Introduction to Integrated Risk Management

Learning Outcomes

Understand the linkages between disaster risk management and disaster risk financing
Understand ex-ante and ex-post disaster risk financing instruments
Better appreciate the importance of both risk transfer and risk mitigation in disaster risk management
Understand the importance of closing the protection gap and the linkages with social protection strategies and shock responsive social protection
Understand the difference between parametric and indemnity insurance
Understand the role of microinsurance in reducing vulnerabilities
Understand CCRIF’s parametric models that underlie its policies
Understand the elements of CCRIF policies
Understand how the country risk profiles are used for CCRIF policies and how they can be used for other national uses
Understand the role of the WeMAp Tool for monitoring hazard events and forecasting tropical cyclone impacts in country disaster preparedness and the infusion in country disaster plans and regional hurricane plans
Understand the concepts related to integrated risk management

Daily break:

11:30 am - 11:45 am (Eastern Caribbean Time)

10:30 am - 10:45 am (Jamaica Time)

9:30 am - 9:45 am (Belize Time)

Day 1	*Introduction* Introduction to CCRIF SPC Video: The Work and Impact of CCRIF SPC in the Caribbean and Central America *The Linkages between Economic Policy and Disaster Risk Management* The Caribbean’s natural hazard risk; the global context; impact of natural hazards; impacts of climate change How natural disasters impact the effectiveness of the economy to function Introduction to Economic Theory, Economic indicators Components of risk; risk assessments; insurance penetration in the region; disaster risk mitigation as part of disaster preparedness; linkages between disasters and fiscal and debt sustainability
Day 2	*Comprehensive Disaster Risk Management* Financing disaster risk reduction activitie *Disaster Risk Financing* Risk financing instruments: risk transfer, parametric insurance (and difference between parametric insurance and indemnity insurance), cat bonds, cat DDOs, etc. Caribbean’s development insurance company: CCRIF SPC
Day 3	*Disaster Risk Financing – continued* Closing the protection gap; financial protection and the State - developing a risk financing strategy Opening up financial inclusion e.g. through microinsurance
Day 4	*Understanding CCRIF’s Parametric Insurance Policies, Models, Tools and Country Risk Profiles* CCRIF products (current and new products in development) How CCRIF policies work – the CCRIF parametric model construct Introduction to CCRIF models Elements of CCRIF policies; how policies are triggered and payouts calculated Introduction to country risk profiles and their uses in national development Introduction to WeMAp: TC, EQ and XSR Monitoring Tool and Real-Time Forecasting System (RTFS)
Day 5	*Shock Responsive Social Protection and DRM and Insurance* The linkages between DRM and social protection Understanding shock responsive social protection and climate smart and adaptive social protection Introducing microinsurance as a key component of shock responsive social protection Use of insurance in protecting the poor and most vulnerable Microinsurance in the Caribbean context: introducing the Climate Risk Adaptation and Insurance in the Caribbean Project and the Livelihood Protection Policy *Introduction to Integrated Risk Management* Different types of risk All-hazards risk management

Participants who successfully complete the course will receive a CCRIF/UWI certificate, which carries 2 continuing education units/credits.

Conditions for receiving the certificate are:

participation during at least 80% of the time of the course (measured by the Zoom platform analytics that captures time online of each participant on each day/session)
participation in class discussions, group exercises, Mentimeter exercies, Zoom chat, etc
completing a final test with a grade of at least 60%