6) Munich Climate Insurance Initiative (MCII) administers various pilot climate insurance projects around the world, including the CCRIF
marks a paradigm shift in the way the Caribbean, international donor agencies and the worldwide insurance market view risk," said Matthew Pragnell, CEO, CGM Group.
, designated a "pilot" program by the international monetary agency, could prove a viable tool to prefund CAT risk for other poorer nations, saving them from having to wait on international support post-disaster.
The excess rainfall product was developed by CCRIF
and global reinsurer, Swiss Re, and is aimed primarily at extreme high rainfall events of short duration ranging from a few hours to a few days, whether they happen during a hurricane or not.
Swiss Re has worked with the CCRIF
to develop a parametric trigger for the extreme rainfall insurance, he said.
Component 2: Establishment of an Excess Rainfall Product for CARICOM and COSEFIN countries Component 2 will enable CCRIF
to provide excess rainfall coverage to both CARICOM and COSEFIN members.
Since inception in 2007, CCRIF
has paid out eight claims, totaling US$32.
Schemes such as the CCRIF
can provide some measure of preparation, but they can only go so far in addressing a disaster on the scale of the 2010 Haiti earthquake.
runs the Caribbean Catastrophe Risk Insurance Facility, or CCRIF
, which was formed in June 2007 to help its 16 member nations limit the financial impact of catastrophes.
Hancy Pierre-Louis, Haiti s Director for CDB said, On behalf of the Haitian government and Haitian people I thank CDB for agreeing to make this payment to the CCRIF
is held and run by the region's governments.
Developed by CCRIF
and global reinsurer, Swiss Re, the excess rainfall product is aimed primarily at extreme high rainfall events of short duration (a few hours to a few days), whether they happen during a tropical cyclone (hurricane) or not.