CCRIF developing new offerings

In response to the needs of its Caribbean and Central American member countries, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) is developing products for drought, agriculture and fisheries.

Celebrating the facility’s 10- year anniversary at the Caribbean Development Bank’s headquarters yesterday, Chairman of CCRIF SPC Milo Pearson highlighted that these three new offerings would provide better service to its current and future members.

He outlined that over the past decade of providing hurricane, earthquake and excess rainfall parametric insurance, the CCRIF has made 22 payouts to 10 member governments on these policies – all within 14 days of the event.

“We have witnessed first-hand how payouts have resulted in reduced burdens on state finances and many of the payouts were used almost immediately to assist with post disaster clean-up, assistance to communities, clearing roads and rehabilitating important infrastructure,” he stressed.

In fact, Pearson stressed that it was this rapid payment that was a major benefit of CCRIF membership.

“We are proud that we continue to be able to provide insurance that is affordable to our members so that they can continue to renew their policies from year to year and purchase new products when they come to market – for example excess rainfall coverage which became available in 2013 after considerable demand,” he said.

He also spoke on the facility’s expansion to include Central American countries, while welcoming Nicaragua to the ranks, pointing out that these states now had access to “the low-cost high quality catastrophe insurance coverage provided to our Caribbean members.”

Pearson also illustrated that the facility was also focusing on the needs of the individual, while speaking on the Livelihood Protection Policy, which is being done with the support of the German Government.

Targeted at vulnerable persons for farmers, day labourers, fishers, and seasonal workers in the agriculture, fisheries, tourism and construction sectors, he stated “This is an approach that is being actively promoted globally as a way to help the most vulnerable people and communities.”(JMB)