Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC)
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.
- The selection of an attachment point: the minimum severity of the event loss which gives rise to a payment and therefore is the loss value at which the policy contract is triggered;
- The selection of an exhaustion point: the severity of the event loss at or above which the maximum payment is triggered;
- The selection of the coverage limit: tied to the ceding percentage and dictates the premium cost.
On a rolling basis.