Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season
This is the third review of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and covers its third season of operation; from June 1, 2009, to May 31, 2010. CCRIF was established in May 2007 as an independent, non-profit legal entity to pool...
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| Format: | Economic & Sector Work |
| Language: | English en_US |
| Published: |
Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2011/04/23992231/reducing-financial-vulnerability-natural-disasters-caribbean-review-ccrifs-operation-after-third-season http://hdl.handle.net/10986/21547 |
| Summary: | This is the third review of the
Caribbean Catastrophe Risk Insurance Facility (CCRIF) and
covers its third season of operation; from June 1, 2009, to
May 31, 2010. CCRIF was established in May 2007 as an
independent, non-profit legal entity to pool catastrophe
risks and provide CARICOM Members and Associate Members with
rapid access to an infusion of liquidity in the event of a
major hurricane or earthquake.4 Offering parametric
insurance with payouts based on specific indicators of
speed, location, and intensity, CCRIF was the world's
first facility of its kind. Domiciled in the Cayman Islands,
it is controlled by a five-person Board of Director s, which
consists of one representative of the member countries, one
representative of the donors that have contributed to the
Multi-donor Trust Fund (MDTF) that supports the Facilicy5,
one financial and one insurance technical expert, and an
Executive Chairman appointed by the other four directors.
This review assesses CCRIF's 2009-2010 operations and
its challenges and opportunities going forward. While
intended primarily for the Facility s Board of Directors, it
is hoped that it will also be informative and useful to the
participating countries, donors, and other stakeholders. The
review also aims to contribute to on-going discussions
within the broader disaster risk management community about
the possibilities for scaling up CCRIF's role in the
Caribbean and replicating or adapting its innovative model
of ex ante disaster risk financing in other disaster-prone
regions of the world. |
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