CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility)

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 earthquake, hurricane and excess rainfall catastrophe coverage with lowest-possible pricing. Unlike indemnity insurance, CCRIF’s parametric insurance products are insurance contracts that make payments based on the intensity of an event and the amount of loss calculated in a pre-agreed model caused by these events… CCRIF works to assist governments to financially protect their economies in the event they are impacted by a natural disaster. Parametric insurance really is a means by which governments can offload or transfer a portion of their risk to CCRIF… and receive funds within 14 days after a catastrophic event to begin recovery… or filling the gap between immediate response aid and long-term redevelopment… closing the protection gap. Since its inception in 2007, CCRIF has made CCRIF has made 39 payouts totaling US$138.8 million to 13 member governments. To date, over 2.5 million persons in the Caribbean have benefited either directly or indirectly from these payouts. CCRIF currently has 21 members: 19 Caribbean governments – 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 1 Central American government – Nicaragua, Panama