The Caribbean Title
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility)
The Caribbean Description
CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, is a segregated portfolio company, owned, operated and registered in the Caribbean. It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and – since 2015 – Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered. It is the world’s first regional fund utilizing parametric insurance, giving member governments the unique opportunity to purchase disaster risk insurance with lowest possible pricing.
CCRIF was developed under the technical leadership of the World Bank and with a grant from the Government of Japan. It was capitalized through contributions to a Multi-Donor Trust Fund (MDTF) by the Government of Canada, the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments.
In 2014, another MDTF was established by the World Bank to support the development of CCRIF SPC’s new products for current and potential members, and facilitate the entry for Central American countries and additional Caribbean countries. The MDTF currently channels funds from various donors, including: Canada, through Global Affairs Canada; the United States, through the Department of the Treasury; the European Union, through the European Commission; Germany, through the Federal Ministry for Economic Cooperation and Development and KfW; and Ireland. In 2017, the Caribbean Development Bank, with resources provided by Mexico, approved a grant to CCRIF SPC to provide enhanced insurance coverage to the Bank’s Borrowing Member Countries.
Nineteen Caribbean governments are currently members of the facility: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, Montserrat, St. Kitts & Nevis, Saint Lucia, Sint Maarten, St. Vincent & the Grenadines, Trinidad & Tobago and Turks & Caicos Islands. Two Central American governments are currently members of the facility: Nicaragua and Panama.
The Caribbean News and Events
News and Events
European Union provides US$4.7 million to Caribbean Governments for CCRIF Parametric Insurance for 2023, totalling about US$49 Million in Grant Support since 2007
July 3, 2023
The European Union continues to provide support to CCRIF SPC as a means of subsidizing premiums on the parametric insurance policies of its Caribbean members. This policy year, which started on June 1, 2023, the EU provided CCRIF with US$4.7 million in support of the 12 ODA-eligible Caribbean members of CCRIF1 to subsidize premiums for tropical cyclone and excess rainfall. CCRIF’s parametric insurance helps countries to financially protect their economies from devastating natural disasters such as hurricanes and excess rainfall.
CCRIF Launches 2023 Scholarship and Internship Programmes for Caribbean Nationals… Supporting Tomorrow’s Leaders Today
May 30, 2023
CCRIF invites Caribbean nationals to apply for its scholarship and internship programmes for 2023 (https://www.ccrif.org/scholarship and https://www.ccrif.org/ccrif-uwi-scholarships for scholarships and https://www.ccrif.org/regional-internship-programme for internships). Since 2010, CCRIF has been providing undergraduate and postgraduate scholarships to Caribbean nationals in areas related to disaster risk management, climate change adaptation, meteorology, environmental management, and civil engineering among others. In 2015, the Facility launched its flagship internship programme for Caribbean nationals by partnering with regional organizations and governments to host these interns and provide them with the opportunity to integrate their academic knowledge with the work environment.