The Caribbean Catastrophe Risk Insurance Facility (CCRIF)
In 2007, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) became the world’s first regional risk pool to cover hurricanes and earthquakes. Additional funding from InsuResilience enabled the expansion of the insurance portfolio to include heavy rainfall policies and to cover new regions. The scheme was extended from the Caribbean to Central America, and Nicaragua recently became the first continental member of CCRIF. Currently, 17 countries are members of the CCRIF.
Since 2007, CCRIF has made payouts to 12 out of 17 member states with a total volume of more than USD 120 million. In 2016, Haiti received 20.4 million USD from its hurricane policy and 3 million USD on its heavy rainfall policy, to counter the disastrous effects of hurricane Matthew. Most recently, payouts of more than 55 million USD were made to 10 CCRIF member states in September 2017, following the devastating effects of hurricanes Irma and Maria in the Caribbean.
CCRIF can reach up to 12.5 million beneficiaries, based on the current funding within InsuResilience, by 2020.
Further information: http://www.ccrif.org/