The CCRIF Annual Report 2023-24 covers the reporting period June 1, 2023 to May 31, 2024 and provides a snapshot of CCRIF’s activities and accomplishments. 2023-24 represents 17 years since CCRIF began operations, providing access to quick liquidity following natural disasters. Today CCRIF offers 6 parametric insurance products and continues to work to bring to market additional innovative parametric insurance products for new perils and economic sectors… advancing resilient and sustainable development in the regions we serve.
For our members in the Caribbean and Central America, CCRIF is:
- Closing the protection gap
- Building resilience
- A strategy for loss and damage due to climate change
Some of CCRIF’s key achievements during policy year 2023/24 are presented below:
- CCRIF made 4 payouts totalling US$5.8 million to 3 member governments within 14 days of the hazard event, once again fulfilling our value proposition as it relates to payouts.
- Members purchased US$1.14 billion in coverage. This was the fourth consecutive year that total member coverage exceeded US$1billion.
- Honduras and the Grenada Electricity Services (GRENLEC) became members of CCRIF and purchased policies for the first time.
- CWUIC SP was established with the support of the UK Foreign, Commonwealth and Development Office (FCDO), Caribbean Development Bank (CDB) and Inter-American Development Bank (IDB), paving the way to allow water utility companies in the Caribbean to access parametric insurance coverage for tropical cyclones and excess rainfall.
- A new parametric insurance model – called the runoff model – was developed to capture the contribution of runoff from heavy rainfall and overflowing riverbanks and models for Guyana and Suriname were completed.
- We launched the Ivan+20 Initiative as a year-long series of activities in 2024 designed for the region to reflect on the impacts of Hurricane Ivan in 2004, review the current progress and achievements within the comprehensive disaster risk management space, and vision and strategize for a Caribbean that is sustainable and resilient for all.
- With our development partners – the European Union, the World Bank and Irish Aid – we hosted two regional workshops and a development partner roundtable for our Caribbean members and the Dominican Republic aimed at building capacity around disaster risk financing and parametric insurance.
The 2023-24 annual report includes audited financial statements and progress under each of our seven strategic objectives. Check it now.