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The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-04-07T20:33:32Z
dc.date.available2014-04-07T20:33:32Z
dc.date.issued2010-04
dc.description.abstractThis report provides an external assessment of the operations of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) during its second policy year from June 1, 2008 to May 31, 2009. Developed at members and associate members of the Caribbean Community (CARICOM's) request following the devastation wrought on Grenada and the Cayman Islands by Hurricane Ivan in 2004, CCRIF was established in May 2007. The World Bank and a number of donors contributed to CCRIF's start-up capital and also underwrote a portion of some members' initial participation fees and premium payments during CCRIF's first three policy years. A multi-donor trust fund continues to reimburse CCRIF for certain eligible expenditures, thus facilitating continued growth of CCRIF's reserves and risk-bearing capacity. The report aims to contribute to on-going discussions within the broader disaster risk management community about the possibilities for scaling up the role of CCRIF in the Caribbean and replicating or adapting CCRIF's innovative model of ex ante disaster risk financing in other disaster-prone regions of the world. Rolling out the second-generation loss model, the anticipated excess rainfall coverage and, possibly, hurricane loss coverage for members of Caribbean Association of Electrical Utilities (CARILEC) will require intensive interactions with CCRIF's members, reinsurance markets, key partner institutions, and the media to ensure a common understanding of the model and the features, inherent basis risk, and benefits of the policies. Increasing CCRIF's transparency is also vital to broadening understanding of CCRIF's governance structure, modeling, and policy coverage and consolidating CCRIF as a well-recognized and widely-valued Caribbean institution.en
dc.identifierhttp://documents.worldbank.org/curated/en/2010/04/18923410/review-ccrifs-operation-after-second-season
dc.identifier.doi10.1596/17665
dc.identifier.urihttps://hdl.handle.net/10986/17665
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectAGGREGATE EXCESS OF LOSS REINSURANCE
dc.subjectANNUAL FINANCIAL STATEMENTS
dc.subjectASSET CLASS
dc.subjectASSET CLASSIFICATION
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGER
dc.subjectASSETS
dc.subjectATTACHMENT POINT
dc.subjectAVAILABILITY OF INFORMATION
dc.subjectBANK ACCOUNTS
dc.subjectBANKS
dc.subjectBASIS POINTS
dc.subjectBASIS RISK
dc.subjectBONDS
dc.subjectBUDGETING
dc.subjectBUSINESS INTERRUPTION INSURANCE
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCASH MANAGEMENT
dc.subjectCATASTROPHE COVERAGE
dc.subjectCATASTROPHIC EVENT
dc.subjectCLAIMANT
dc.subjectCLAIMS PROCESSING
dc.subjectCOMPENSATION
dc.subjectCOMPETITIVE TENDER
dc.subjectCONDITIONS OF COVERAGE
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONTRACTUAL RELATIONSHIPS
dc.subjectCOST OF CAPITAL
dc.subjectCOVERAGE
dc.subjectCREDIBILITY
dc.subjectCURRENCY
dc.subjectCURRENCY RISK
dc.subjectDEBT
dc.subjectDEBT INSTRUMENTS
dc.subjectDERIVATIVES
dc.subjectDEVASTATION
dc.subjectDEVELOPMENT BANK
dc.subjectDISASTER
dc.subjectDISASTER EMERGENCY
dc.subjectDISASTER EMERGENCY RESPONSE
dc.subjectDISASTER MANAGEMENT
dc.subjectDISASTER MITIGATION
dc.subjectDISASTER RESPONSE
dc.subjectDISASTER RISK
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKE INSURANCE
dc.subjectEARTHQUAKES
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectFIDUCIARY
dc.subjectFINANCES
dc.subjectFINANCIAL ANALYSIS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL RISKS
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFISCAL CONSTRAINTS
dc.subjectFLOODING
dc.subjectFRAUD
dc.subjectFUTURES
dc.subjectFUTURES CONTRACTS
dc.subjectGOVERNMENT ASSETS
dc.subjectHOLDING
dc.subjectHURRICANE
dc.subjectHURRICANES
dc.subjectINFORMATION DISSEMINATION
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE POLICIES
dc.subjectINSURANCE POLICY
dc.subjectINSURANCE PREMIUMS
dc.subjectINSURANCE PRODUCTS
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINVENTORY
dc.subjectINVESTING
dc.subjectINVESTMENT ASSETS
dc.subjectINVESTMENT GUIDELINES
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT STRATEGY
dc.subjectISSUANCE
dc.subjectLACK OF TRANSPARENCY
dc.subjectLEVEL OF RISK
dc.subjectLIABILITY
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMITIGATION
dc.subjectMONETARY AUTHORITY
dc.subjectNATURAL CATASTROPHE
dc.subjectOPPORTUNITY COST
dc.subjectPHYSICAL ASSETS
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPREMIUM PAYMENT
dc.subjectPREMIUM PAYMENTS
dc.subjectPREMIUMS
dc.subjectPROGRAMS
dc.subjectRATES
dc.subjectREGULATORY FRAMEWORK
dc.subjectREINSURANCE
dc.subjectREINSURANCE BROKER
dc.subjectREINSURANCE MARKETS
dc.subjectREINSURANCE PREMIUMS
dc.subjectREINSURER
dc.subjectREINSURERS
dc.subjectRELIEF
dc.subjectRENEWALS
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK ASSESSMENT
dc.subjectRISK DIVERSIFICATION
dc.subjectRISK EXPOSURE
dc.subjectRISK INSURANCE
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT STRATEGIES
dc.subjectRISK MANAGERS
dc.subjectRISK OF DEFAULT
dc.subjectRISK POOLING
dc.subjectRISK TRANSFER
dc.subjectSAVINGS
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM LIQUIDITY
dc.subjectSOLVENCY
dc.subjectSTORM
dc.subjectSTORMS
dc.subjectSUSTAINABILITY
dc.subjectSWAP
dc.subjectTAX
dc.subjectTECHNICAL COOPERATION
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BOND
dc.subjectTREASURY BOND YIELD
dc.subjectTROPICAL CYCLONE
dc.subjectTROPICAL CYCLONES
dc.subjectTRUST DEED
dc.subjectTRUST FUND
dc.subjectUNDERWRITER
dc.subjectUNINSURED LOSSES
dc.subjectVALUATION
dc.subjectVALUE OF ASSETS
dc.subjectVARIABLE RATE
dc.subjectWIND SPEED
dc.subjectWITHDRAWAL
dc.titleThe Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Seasonen
dspace.entity.typePublication
okr.date.disclosure2014-02-10
okr.date.doiregistration2025-05-05T12:06:40.635910Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2010/04/18923410/review-ccrifs-operation-after-second-season
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid164301468225617268
okr.identifier.externaldocumentum000442464_20140210120139
okr.identifier.internaldocumentum18923410
okr.identifier.report84636
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/02/10/000442464_20140210120139/Rendered/PDF/846360WP0Box380CCRIFReview200802009.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.geographicalCaribbean
okr.topicInsurance and Risk Mitigation
okr.topicUrban Development::Hazard Risk Management
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicLaw and Development::Insurance Law
okr.unitLCR Regional Vice President (LCRVP)
okr.volume1 of 1
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