Central America and Caribbean Disaster Risk Insurance Initiative (CCRIF-Central America Initiative)

active

As part of the project, an FC contribution of EUR 15 million is to be made to the Central American and Caribbean Catastrophe Risk Insurance Facility Initiative. The initiative is being implemented through CCRIF SPC (hereinafter CCRIF), an insurance company with legal headquarters in the Cayman Islands, and offers insurance for extreme natural events (earthquakes, tropical cyclones, heavy rain). CCRIF makes insurance payments as soon as certain climate parameters are reached or exceeded (parametric insurance). The FC funds are paid in via a Multi Donor Trust Fund (MDTF) managed by the World Bank. The countries of Central America are supported in developing and implementing risk hedging strategies through complementary advisory measures (TA component carried out by the World Bank).