Caribbean Catastrophe Risk Insurance is AN insurance underwriter headquartered within the Cayman Islands. The sixteen original member-countries of CCRIF enclosed participants in CARICOM, and therefore the membership of the Board of administrators is chosen by CARICOM and by the Caribbean Development Bank
Caribbean Catastrophe Risk Insurance
Founded in 2007,
CCRIF is that the initial multi-country risk pool within the world and was the primary insurance instrument to with success develop parametric policies backed by each ancient and capital markets.
These constant quantity policies
unleash funds primarily based upon factors of a tragedy such as rainfall or wind speed, which may speed up the payout of policies instead of when damages area unit assessed. Unused funds area unit unbroken as reserves for the CCRIF. The fund can even draw upon $140 million in funds underwritten by reinsurance.
Other regions have since setup similar government disaster instance together with in the African Union and the Pacific Islands Forum.
In 2008, CCRIF created its initial payout to the govt. of the Turks and Caicos Islands in response to break from Hurricane President Eisenhower.
During its youth, day-after-day operations were handled by Caribbean Risk Managers restricted (CaribRM), United Nations agency acted because the facility supervisor. In 2013, Isaac Anthony, antecedently a member of the Board of administrators of CCRIF and therefore the Permanent Secretary for coming up with and National Development within the Government of St Lucia, was appointed the primary Chief military officer.
In 2014, CCRIF reorganised into a unintegrated portfolio company, and expanded its line|line of merchandise|business line|line of business|merchandise|wares|product} to incorporate constant quantity insurance for excess rainfall as well on supply its portfolio of insurance products to countries in Central America, together with members of the Council of Ministers of Finance of Central America, Panama and therefore the Dominican Republic (COSEFIN). CCRIF additionally was the primary company to participate in the World Bank Capital-at-Risk Notes Program to diversify its sources of capital.
At the G7 leaders’ summit in 2015,
CCRIF SPC was highlighted as AN example to be used, “… to extend by up to four hundred million the amount of individuals within the most vulnerable developing countries United Nations agency have access to direct or indirect amount of money against the negative impact of climate change-related hazards by 2020…”At the 2015 world organisation global climate change Conference in Paris, Ban Ki-moon, Secretary-General of the world organisation, mentioned CCRIF SPC as AN example as he launched AN initiative on climate resilience that enclosed magnified access to insurance,and President Obama proclaimed a commitment of $30 million by the us government to produce extra insurance through platforms, together with CCRIF, in his remarks to the Alliance of tiny Island States at the Paris Conference
In 2016, the World Bank announced a partnership with CCRIF SPC to make a brand new insurance product to shield food security and promote the resilience of the small-scale fisheries sector within the Caribbean. Also, the globe Bank proclaimed the Pandemic Emergency Facility engineered victimization CCRIF SPC as a model.