| The collaboration between a private insurance company and a World Bank Trust Fund is facilitating affordable risk insurance policies for Central American and Caribbean countries and sharing best practices for disaster risk management.
As climate change brings more frequent and intense weather events, countries need to be proactive now more than ever in preparing to absorb the financial shocks resulting from such events. Proactive disaster risk financing means saving when times are good in order to be ready for the next disaster, implementing an optimum combination of financial instruments, such as emergency funds, insurance mechanisms and contingency lines of credit. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is an innovative solution that allows countries to pool risk, transferring excess risk to the reinsurance and capital markets, and address part of the liquidity gap often experienced after a catastrophe. |
Capacity Building, Climate & Disaster Risk Management, Risk Data & Information, Risk Finance
Creation of DRF Strategy, Early Warning, Sovereign Risk Transfer
Latin America & Caribbean
2021
CCRIF
