CCRIF SPC is a not-for-profit risk pooling facility, owned, operated and registered in the Caribbean for Caribbean governments. It offers parametric insurance designed to limit the financial impact of catastrophic tropical cyclones, earthquakes and excess rainfall events on Caribbean governments by quickly providing short-term liquidity when a policy is triggered. Products are offered through segregated portfolios, which allows for total segregation of risk.
CCRIF policies cover “government loss” as a proportion of the full “national loss.” CCRIF was designed to provide funds within 14 days to assist governments with immediate needs following a catastrophe event. The exact payout amount is based not only on the modeled losses after a tropical cyclone, earthquake or rainfall event, but also on the terms of the policy selected by the country – the amount of risk transferred to CCRIF and the maximum payout limit.Regarding CCRIF policies and coverage selection, all countries are required to make three key decisions regarding their coverage selection. These are:
Since its inception in 2007, CCRIF has made 36 payouts totaling USD 130,500,000 to 13 member governments. All payouts were available to be transferred to the respective governments within two weeks after the event and in three cases, interim payments were requested and made one week after the event.
On a rolling basis.