Finance and insurance solutions Caribbean Catastrophe Risk Insurance Facility (CCRIF)
CCRIF offers coverage against hurricanes, earthquakes and heavy rains. Its assistance goes beyond the payment of insurance benefits. Countries also receive technical assistance for reconstruction. CCRIF makes contributions to the construction of flood walls and critical infrastructure and to the establishment of early warning systems. Care is taken to ensure that climate and disaster risks arising from future events are reduced.
The latest CCRIF insurance product is the Caribbean Oceans and Aquaculture Sustainability Facility (COAST). In cooperation with the World Bank, CCRIF developed and implemented a climate risk insurance scheme for the fisheries sector. It comprises a livelihood protection component (direct insurance) and a tropical cyclone component (government-based indirect insurance).
Since the establishment of CCRIF, a total of 260 million US dollars has been paid out to 16 of its 22 member states. Payments were all effected within two weeks of the triggering event. In the business year 2021/22, 40 million US dollars went to the Government of Haiti following the earthquake in August 2021. Barbados received payments following Hurricane Elsa, and Trinidad and Tobago following severe rainfall in August 2021. The payment to Haiti is the largest made by CCRIF since its establishment in 2007.
An evaluation of the payments has found that these funds have assisted more than 3.5 million people in the Caribbean and Central America and have facilitated the upgrading of critical infrastructure.
With its contribution of 37 million euros Germany is the largest donor to CCRIF.
As at: 03/11/2023