Closing the gap: Pooling risk in Central America and the Caribbean
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Since 1980, nine countries in Central America and the Caribbean have had at least half of their annual gross domestic product (GDP) wiped out by a natural catastrophe. The 2010 earthquake in Haiti had an estimated impact of 120% of GDP.
Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC)
Established:
2007
Insured perils:
Tropical cyclone, earthquake, excess rainfall
Insurance instrument:
Parametric insurance
Trigger:
Modelled loss
Insured party:
CCRIF member countries
Risk takers:
A panel of reinsurers, with Swiss Re as a lead, and a catastrophe bond that used to be placed through the World Bank (tropical cyclone and earthquake).
Swiss Re Corporate Solutions acts as sole insurer and joint product developer on the excess rainfall programme.