| Formerly | Caribbean Catastrophe Risk Insurance Facility |
|---|---|
| Company type | Segregated Portfolio Company |
| Industry | insurance |
| Founded | June 1, 2007 in Cayman Islands |
| Headquarters | c/o Sagicor Insurance Managers Harbour Place, 1st Floor 103 South Church Street PO Box 1087 KY1-1102, Grand Cayman , Cayman Islands |
Area served | Caribbean and Central America |
Key people | Timothy Antoine, Chairman of the Board Isaac Anthony, Chief Executive Officer |
| Products | Parametric insurance for Tropical cyclone, Earthquake, Excess rainfall, Fisheries, and Electric utilities |
| Website | www |
Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) is an insurance company headquartered in the Cayman Islands.[1] The sixteen original member-countries of CCRIF included participants in CARICOM, and the membership of the Board of Directors is selected by CARICOM and by the Caribbean Development Bank.[2]
Founded in 2007,[3] CCRIF is the first multi-country risk pool in the world, and was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets.[4] These parametric policies release funds based upon factors of a calamity such as rainfall or wind speed, which can speed up the payout of policies rather than after damages are assessed. Unused funds are kept as reserves for the CCRIF. The fund can also draw upon $140 million in funds underwritten by reinsurance.[5]
Other regions have since setup similar government disaster instance including in the African Union and the Pacific Islands Forum.[5]