Status of initiative: N/a
Description/achievement of initiative

The Caribbean Catastrophe Risk Financing Facility (CCRIF) is a risk pooling facility with sixteen Caribbean members: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and the Turks & Caicos Islands. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short term insurance payouts when a policy is triggered. CCRIF was developed under the technical leadership of the World Bank and with a grant from the Government of Japan, and was capitalized through contributions from the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments. Since its inception, the Facility has made eight payouts totalling US$32 million equivalent to seven member governments, within the stipulated 14-day waiting period following a disaster.

Implementation methodologies

Arrangements for Capacity-Building and Technology Transfer

Coordination mechanisms/governance structure

Partner(s)

World Bank, Japan, European Union, United Kingdom, France, the Caribbean Development Bank and the governments of Ireland, Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago and the Turks & Caicos Islands
Deliverables
Sustainable Development Goals and targets
Goal 9
Goal 11
Resources devoted to implementation
Progress reports
Cut off date each year: 1 July
SMART
This initiative does not yet fulfil the SMART criteria.
SDGs
Information
Location:
Date of completion: ongoing
Operating in countries
Partner connections
Contact information/focal point(s)
Caribbean Catastrophe Risk Financing Facility (CCRIF), ccrif@ccrif.org

Documents
#SDGAction7570
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