Publication:
Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season

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dc.contributor.authorWorld Bank
dc.date.accessioned2015-02-26T22:06:10Z
dc.date.available2015-02-26T22:06:10Z
dc.date.issued2011-04
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2011/04/23992231/reducing-financial-vulnerability-natural-disasters-caribbean-review-ccrifs-operation-after-third-season
dc.identifier.doi10.1596/21547
dc.identifier.urihttps://hdl.handle.net/10986/21547
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.relation.ispartofseriesThe Caribbean catastrophe risk insurance initiative;
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectADMINISTRATIVE COSTS
dc.subjectAFTERSHOCKS
dc.subjectAGGREGATE EXCESS OF LOSS REINSURANCE
dc.subjectAPPLICATIONS
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGER
dc.subjectASSET VALUE
dc.subjectATLANTIC HURRICANE
dc.subjectBANK OPERATIONS
dc.subjectBONDS
dc.subjectBUDGETING
dc.subjectBUSINESS PLANNING
dc.subjectCAPITAL GROWTH
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITALIZATION
dc.subjectCAPTIVE INSURANCE
dc.subjectCAPTIVE INSURANCE COMPANIES
dc.subjectCASH FLOW
dc.subjectCATASTROPHIC EVENT
dc.subjectCD
dc.subjectCLIENT COUNTRIES
dc.subjectCLIMATE CHANGE
dc.subjectCOMMISSIONS
dc.subjectCOMMON MARKET
dc.subjectCOMPETITIVENESS
dc.subjectCORE BUSINESS
dc.subjectCOVERAGE
dc.subjectCROP INSURANCE
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDEVELOPMENT BANK
dc.subjectDISASTER
dc.subjectDISASTER EMERGENCY
dc.subjectDISASTER MANAGEMENT
dc.subjectDISASTER RISK
dc.subjectDISASTER RISK REDUCTION
dc.subjectDISBURSEMENTS
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKES
dc.subjectECONOMIC DOWNTURN
dc.subjectEIB
dc.subjectEMERGENCY MANAGEMENT
dc.subjectEMERGENCY RECOVERY
dc.subjectEMERGING MARKET
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectFAULT LINE
dc.subjectFIDUCIARY
dc.subjectFINANCIAL INFLOW
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL RISKS
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL STRENGTH
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFISCAL CONSTRAINTS
dc.subjectFLOW OF FUNDS
dc.subjectFLOW OF INFORMATION
dc.subjectFOREIGN AFFAIRS
dc.subjectHURRICANE
dc.subjectHURRICANES
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE POLICIES
dc.subjectINSURANCE RISK
dc.subjectINSURER
dc.subjectINTANGIBLE
dc.subjectINTEREST INCOME
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINVESTING
dc.subjectINVESTMENT BANK
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT GUIDELINES
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT MANAGER
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT RISK
dc.subjectINVESTMENT STRATEGY
dc.subjectINVESTMENT ยท GUIDELINES
dc.subjectJURISDICTION
dc.subjectLACK OF COMPETITION
dc.subjectLIQUIDITY
dc.subjectMARKET CONDITIONS
dc.subjectNATURAL DISASTERS
dc.subjectNEW PRODUCT
dc.subjectNEW PRODUCTS
dc.subjectOPERATING COSTS
dc.subjectOPPORTUNITY COST
dc.subjectOPPORTUNITY COSTS
dc.subjectOUTSOURCING
dc.subjectPORTFOLIO
dc.subjectPREMIUM PAYMENT
dc.subjectPREMIUM PAYMENTS
dc.subjectPREMIUMS
dc.subjectPRIVATE BANKING
dc.subjectPROGRAMS
dc.subjectPUBLIC RELATIONS
dc.subjectRAPID GROWTH
dc.subjectRATE OF GROWTH
dc.subjectRATES
dc.subjectRECAPITALIZATION
dc.subjectREINSURANCE
dc.subjectREINSURANCE BROKER
dc.subjectREINSURANCE MARKETS
dc.subjectREINSURER
dc.subjectREINSURERS
dc.subjectRELIEF
dc.subjectRENEWALS
dc.subjectREPUTATION
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETAINED EARNINGS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK ASSESSMENT
dc.subjectRISK EXPOSURE
dc.subjectRISK INSURANCE
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGERS
dc.subjectRISK MITIGATION
dc.subjectRISK OF DEFAULT
dc.subjectRISK POOLING
dc.subjectRISK TRANSFER
dc.subjectSECURITIES
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDER EQUITY
dc.subjectSOCIAL INVESTMENT
dc.subjectSOFT LOAN
dc.subjectSOLVENCY
dc.subjectSTORMS
dc.subjectSUBSIDIARY
dc.subjectSUSTAINABILITY
dc.subjectSUSTAINABLE DEVELOPMENT
dc.subjectSWAP
dc.subjectTAX
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTROPICAL STORM
dc.subjectTROPICAL STORMS
dc.subjectTRUST DEED
dc.subjectTRUST FUND
dc.subjectTRUSTEES
dc.subjectUNINSURED LOSSES
dc.subjectVOLATILITY
dc.subjectWARRANTS
dc.titleReducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Seasonen
dspace.entity.typePublication
okr.date.disclosure2015-02-13
okr.date.doiregistration2025-05-07T10:41:22.655292Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Risk and Vulnerability Assessment
okr.docurlhttp://documents.worldbank.org/curated/en/2011/04/23992231/reducing-financial-vulnerability-natural-disasters-caribbean-review-ccrifs-operation-after-third-season
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeFinance and Markets
okr.guid635751468015629025
okr.identifier.externaldocumentum000333037_20150213091402
okr.identifier.internaldocumentum23992231
okr.identifier.report94205
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/02/13/000333037_20150213091402/Rendered/PDF/942050WP0Box380hird0season00PUBLIC0.pdfen
okr.region.administrativeLatin America & Caribbean
okr.topicInsurance and Risk Mitigation
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicUrban Development::Hazard Risk Management
okr.unitLCR Regional Vice President (LCRVP)
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