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Financial Protection Strategies and the Role of CCRIF SPC


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During a seminar on Thursday, February 8, 2018, Isaac Anthony, CEO, CCRIF SPC updated staff of the Caribbean Development Bank (CDB) on the role of the Facility and its performance since inception. He shared some of the key strategies and instruments being pursued for expansion, which include extending insurance products during the 2018-2019 policy year to include drought as well as its on-going work with partners to develop products for the fisheries and agriculture sectors.

Following the particularly devastating 2017 Atlantic Hurricane Season, CCRIF SPC announced that payouts surpassed USD130 million (mn) since its inception. In 2017, CCRIF SPC made payments of approximately USD1.5 mn, which includes USD30.8 mn for Hurricane Irma and USD23.6 mn for Hurricane Maria. Countries which received payouts included: Anguilla, Antigua and Barbuda, The Bahamas, Dominica, Haiti and the Turks and Caicos Islands. Following a period of heavy rainfall between October 18 and 20 2017 Trinidad and Tobago received a payout of approximately USD7.1mn on its Excess Rainfall policy. Each payout was made within 14 days of the event.

In 2007, CCRIF SPC became the world’s first multi-country risk pool. Created to assist Caribbean governments with recovery efforts in the immediate aftermath of a disaster, the Facility opened membership to Central American countries in 2015. Now CCRIF SPC includes 16 Caribbean members and Nicaragua.

Click to view the presentation by CCRIF SPC's CEO.

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Financial Protection Strategies and the Role of CCRIF SPC

  1. 1. 1 Financial Protection Strategies and the Role of CCRIF SPC Seminar for Caribbean Development Bank February 8 2018
  2. 2. Structure of Seminar Understanding Ex-Ante Financing Instruments A Closer Look at Catastrophe Risk Insurance – The Case of CCRIF SPC CCRIF’s Parametric Policies Adequacy of Coverage Lessons Learned Scaling up 2
  3. 3. Impacts of natural hazards on the Caribbean and Central America 3 • The frequency of hazards and disasters is increasing • Mortality resulting from disasters seems to be decreasing • Economic costs of disasters are rising precipitously
  4. 4. Linking Fiscal Policies with DRM • Natural disasters and financial crises are typically exogenous events that represent covariate shocks across a country and households • Economic damages from natural hazards can jeopardize the health of national economies at a level comparable to or greater than that of financial crises • Natural disasters also destroy human and physical capital stocks of countries – something that financial crises do not 4
  5. 5. Disaster Risk Management Strategies 5 Ex-Ante Ex-ante risk financing instruments require proactive advance planning and really involves investing in national catastrophe risk management prior to a natural disaster occurring. Ex-post strategies provide emergency response, rescue and emergency relief services in the aftermath of natural disasters and really is an example of a pure public good. Ex-Post Ex-post instruments are sources that do not require advance planning. These instruments include budget reallocation, domestic credit, external credit, tax increase, and donor assistance. Disaster risk management strategies include risk reduction by increasing investment in mitigation and prevention – commonly referred to as disaster preparedness – but also include a series of alternative instruments for loss financing – commonly referred to as risk financing instruments
  6. 6. 6 Integrated Disaster Risk Financing Strategies Governments need to be encouraged to develop, make provision for, or participate in integrated disaster risk financing strategies, as part of their overall risk management strategy
  7. 7. Examples of Ex-Ante Financing Instruments ExamplesofEx-Ante Instruments Dedicated reserve fund Contingent credit facility Traditional Insurance Catastrophe bond, other catastrophe-linked instruments / alternative risk transfer instrument 7
  8. 8. Reasons for Pursuing Ex-Ante Financing Instruments Three reasons govern- ments should pursue ex-ante financing strategies Governments are typically responsible for large portfolios of public infrastructure assets subject to risk To guarantee sufficient capital for emergency relief and assistance to affected households, businesses and communities. If governments lack the necessary infusion of post-disaster capital to rebuild critical infrastructure, restore homes and provide humanitarian assistance, indirect costs can greatly surpass the direct losses of a disaster Developing countries have a higher propensity for post-disaster resource deficits. Governments of developing countries typically must divert from their budgets or from already disbursed development loans to finance post-disaster expenses, also relying on new loans and donations from the international community 8
  9. 9. How CCRIF Got Started Prompted by Hurricane Ivan and request for assistance by Caribbean governments made to the World Bank The world’s first multi-country risk pool providing parametric insurance Originally designed to limit the financial impact of catastrophic hurricanes and earthquakes Provides short-term funding to support relief in the immediate aftermath of a natural disaster 9
  10. 10. 10 36 payouts totalling US$130.5 million to 13 member governments
  11. 11. In 2014, the facility was restructured into a segregated portfolio company (SPC) to facilitate offering new products and expansion into new geographic areas and is now named CCRIF SPC. By establishing segregated portfolios, CCRIF is able to prevent the cross-subsidization of risk from one region to another, ensuring that each region’s risk will be based on the particular risk profiles of the countries in that region. In April 2015, CCRIF signed an MOU with COSEFIN to enable Central American countries to formally join the facility. Nicaragua is first Central American member. Expansion of CCRIF
  12. 12. Demystifying CCRIF • CCRIF is not intended to be a complete and comprehensive disaster management strategy – it is not a silver bullet • Since inception in 2007, CCRIF has made payouts totaling US$130.5 million to 13 member governments – all made within 14 days of the event. These monies usually represent the first injection of liquidity to countries • For Tropical Cyclones Irma and Maria - CCRIF made payments totalling US$55 million to 10 member governments • Payments are small compared to the overwhelming cost of rebuilding, but the rapid infusion of liquidity can address immediate priorities, including humanitarian needs • CCRIF was not designed to cover all the losses on the ground – but rather to allow governments to reduce their budget volatility and to guarantee sufficient capital for emergency relief thereby reducing post-disaster resource deficits 12
  13. 13. Climate Risk Insurance and Potential for Effective Protection to Vulnerable Countries • Over the last 10 years CCRIF demonstrated that disaster risk insurance can effectively provide a level of financial protection for countries vulnerable to tropical cyclones, earthquakes and excess rainfall • G-7 commented that CCRIF will be effective in increasing the number of people with access to direct or indirect climate risk insurance coverage by up to 400 million by 2020 • Governments must consider the inclusion of disaster risk in fiscal policy as a means of financial protection against events that cannot be prevented • CCRIF allows countries to increase their financial response capacity in the aftermath of disasters and reduce their economic and fiscal burden 13
  14. 14. Disaster Risk Financing 14 Governments should build a financial protection strategy that combines a number of instruments that address different layers or types of risk. Such a strategy incorporates budget allocations and reserves, contingent credit, and risk transfer instruments.
  15. 15. CCRIF’s Parametric Policies 15
  16. 16. CCRIF Parametric Insurance Products 16 CCRIF Products Tropical Cyclone Earthquake Excess Rainfall TC and EQ available since 2007 XSR available since 2013
  17. 17. Parametric vs Indemnity Insurance 17 Parametric Insurance Indemnity Insurance Lower Premiums Transaction and administrative costs are significantly lower Costs of assessing claims is added to the premium Faster Payouts Provides payments based on a pre-defined level of hazard and impact Need for on-the-ground assessment adds lag time – months or even years – to payment Objective & Transparent Allows the policyholder direct access to information on which the payouts will be calculated. Calculation of payouts is totally objective, based on a few simple input parameters published widely in the public domain from the globally-mandated bodies responsible for estimating those particular parameters, and a set of formulae which form part of the policy. Opinions on level of loss can vary by loss adjuster. Also, traditional indemnity insurance customarily has various conditions, exclusions and limitations that may introduce uncertainty and delay for an insured making a claim. Uniformly Defined Risk All risk – which drives policy pricing – is defined using the same specified parameters There is often some subjectivity in the definition of the risk. Reduction in Moral Hazard The cost of insurance can be immediately related to the probability of an event, and the payout is independent of any mitigation efforts put in place after the policy is issued. Policyholders may engage in riskier actions if they have purchased a policy against an event. Simplified Claims Claims process is reversed. The insurer informs policyholder of payment. Governments do not have to provide detailed asset values and other information prior Making a claim is a tedious process and can often take
  18. 18. New Products being Developed • CCRIF is working towards bringing at least three new products to market based on stakeholder needs: • Drought Product – for 2017/2018 policy year • Product for the Fisheries Sector - COAST • Agriculture Product 18 Drought Fisheries Agriculture
  19. 19. Microinsurance Products • Coverage against high winds and heavy rainfall for low-income individuals • Available from local insurance companies Livelihood Protection Policy (LPP) • Protection against default for lender institutions Loan Portfolio Cover (LPC) Implementing products that combine risk reduction and insurance for low-income groups such as small-scale farmers and day labourers
  20. 20. How CCRIF Policies Work Parametric insurance disburses funds based on the occurrence of a pre- defined level of hazard and impact Policy triggered on the basis of exceeding a pre- established trigger event loss Estimated based on wind speed and storm surge (tropical cyclones) or ground shaking (earthquakes) or volume of rainfall (excess rainfall) Hazard levels applied to pre-defined government exposure to produce a loss estimate Payout amounts increase with the level of modelled loss, up to a pre-defined coverage limit 20
  21. 21. A note on the TC and XSR Products 21 The TC product is linked to wind and storm surge damage in a defined tropical cyclone. Rainfall is not covered by TC policies. The XSR product is linked to damage from rainfall and an XSR policy can be triggered due to a tropical cyclone or to non-cyclonic systems such as trough systems. The TC and XSR products operate independently and if both policies are triggered by a given tropical cyclone then payouts on both policies would be due.
  22. 22. 22 The CCRIF models Hazard Module Exposure Module Vulnerability Module Loss Module Each model includes four modules that collectively produce the modelled loss for a given hazard event for a country with a particular risk profile. The modelled loss for a given hazard event is used in the Insurance Module to determine the potential for a policy payout.
  23. 23. 23 Elements of CCRIF Policies CCRIF policy premiums depend on the selection by Governments of 3 elements: • Attachment Point • Ceding Percentage • Exhaustion Point These are informed by the country’s risk profiles
  24. 24. 24 Elements of CCRIF Policies and Premium Costs Original Policy Scenario Change in Attachment Point Change in Exhaustion Point Change in Ceding Percentage Attachment Point ($) $120,158,789 $169,416,559 $120,158,789 $120,158,789 Attachment Point (yrs) 10 15 10 10 Exhaustion Point ($) $1,032,458,571 $1,032,458,571 $1,449,365,357 $1,032,458,571 Exhaustion Point (yrs) 100 100 150 100 Ceding Percentage 50% 50% 50% 75% Coverage limit (Maximum payout) ($) $456,149,891 $431,521,006 $664,603,284 $684,224,837 Premium ($) $713,391 $617,772 $841,498 $1,070,087
  25. 25. Is CCRIF Effective? • CCRIF members consistently indicate that these rapid payouts are an invaluable benefit of membership. Almost immediately after an event, CCRIF is able to inform countries if their policies were triggered and if so, the approximate payout amount • This is a clear illustration that the parametric models work and are fit for purpose • A key concern - “Adequate” coverage level is about 25% of the overall government exposure to earthquake and hurricane risk. CCRIF believes that this is the level at which CCRIF coverage would play its most effective role within an overall sovereign risk management framework. Most countries in the region are well below “adequate”, and a substantial increase in coverage levels would be justified in many cases. 25
  26. 26. Is CCRIF Affordable and Sustainable? • Cost of CCRIF coverage is a primary benefit to members. CCRIF aggregates disaster risks across regions and keeps that risk segregated, achieving the kind of risk diversification and spreading that its members are not able to attain on their own. Studies undertaken by the World Bank illustrates that insurance obtained through CCRIF could be as low as half the cost of coverage a member country could obtain on its own • Is it feasible for countries to self-insure? No. Why? The ability of countries to effect financial risk transfer through affordable catastrophe insurance in traditional international insurance and reinsurance markets is limited by the high transaction costs that result from the limited volume of business they could bring to these markets; high levels of government debt will constrain access to credit in international capital markets and domestic capital markets lack sufficient depth to meet country needs following a catastrophe • CCRIF is sustainable – and advancing sustainability will require • development partners and donor support • expansion –of product offerings, increasing membership in existing regions that we work in and expanding CCRIF to new regions of the world • scaling up coverage 26
  27. 27. Guidelines Governing the Use of Payouts • Currently, CCRIF policies with governments do not stipulate what payouts provided to countries are to be used for • We know that our member governments employ a range of governance principles in the management of their economies – and as autonomous sovereign nations – CCRIF believes that the governments are best able to assess their priorities and determine how resources from a payout are to be utilized • However, we are currently working with the World Bank to develop simple templates for countries to report on use of payouts and how impacted populations have benefitted • We also believe that stakeholders’ interests must be represented. For example, it is important that in the spirit of transparency and accountability, financial reports that document use of funds be provided to donors and beneficiary governments, as contributions are ultimately provided by taxpayers
  28. 28. Uses of CCRIF Payouts – Some Examples 28Source: Implementation Completion and Results Report of CCRIF, World Bank TCI Temporary feeding stations for displaced and other affected persons Haiti Immediate reconstruction and stabilization of government processes and provision of civilian security Anguilla Clearing of debris, repairing general damage, capitalizing a special recovery fund and purchasing upgraded weather monitoring data-capture technology and portable weather systems to improve early warning Barbados Recovery efforts under direction of the environmental management agency and emergency repairs of key infrastructure, including a major road along the port
  29. 29. Uses of CCRIF Payouts – 2- Some Exmaples 29 Saint Lucia Capital expenditures, e.g., clearing silty rivers, unblocking major roads, stabilizing drinking water plants, and repair of a key government building St. Vincent & the Grenadines Acquiring building and other materials for persons whose homes or crops had been damaged Dominica Immediate repairs and recovery Belize Immediate clean-up and recovery based on a Damage Assessment and Needs Assessment (DANA) Report TCI (Irma and Maria) Repairs to 14 schools Haiti (Matthew) 1.4 million persons assisted including medicines for children, repairs of roofs and homes (with 50% of payout)
  30. 30. On New Ex-Ante Risk Financing Instruments and New Parametric Products • CCRIF recognizes that catastrophe risk insurance is only one item on a menu of ex-ante policy instruments and been investigating other ex-ante financing instruments including dedicated reserve funds, contingent credit facilities and catastrophe bonds • This policy year we introduced the Aggregate Deductible Cover which is intended to operate as a dedicated reserve fund • CCRIF will bring two new products to market in 2018 – drought and fisheries. This will be followed by agriculture based on demand from members • Potential for products in utilities – water and wastewater and electricity for similar products • Bringing new products to market cannot be based solely on demand but will require support from the donor community 30
  31. 31. Adequacy of Coverage 31
  32. 32. Coverage Limits for CCRIF members - EQ • The overall coverage limit for the portfolio increased by US$148m from 2007/08 to the current policy year. • Trinidad and Tobago has continually held the majority of the portfolio with a coverage limit over US$90m for the last 10 years. • Jamaica and Trinidad and Tobago are the only countries to have purchased policies with a coverage limit over $22m. The earthquake portfolio is weighted by these two policies. • For the 10-year period, 6 countries have purchased coverage over US$10m. • Barbados, Haiti Jamaica, Saint Lucia and Trinidad and Tobago have increased earthquake coverage over this period. • The Turks and Caicos Islands discontinued coverage in 2009 and Belize discontinued in 2016. • The Bahamas and Bermuda have never purchased coverage for this peril. The coverage limit is the maximum payout under the policy
  33. 33. Coverage Limits for CCRIF members - TC • The overall coverage limit has increased by US$3.8m from 2007 to the current policy year. • From inception of CCRIF coverage, Jamaica has continually purchased the majority. Currently, Jamaica accounts for 20% of the total tropical cyclone coverage purchased. • 13 countries maintained a coverage limit below US$40m. • Two countries have increased significantly since inception: Jamaica has increased coverage by US$24.6m and Barbados by US$18.7m. • Anguilla, Antigua and Barbuda, St. Kitts and Nevis and St. Vincent and the Grenadines have steadily increased coverage over 11 years while maintaining coverage limits under US$11m. • The Cayman Islands, Dominica and Trinidad and Tobago have decreased coverage over the years, with the Cayman Islands showing a downward trend. • Belize and Bermuda have discontinued tropical cyclone coverage and The Bahamas interrupted its TC coverage when it did not purchase policies for 2014/15 and 2016/17.
  34. 34. Coverage Limits for CCRIF members - XSR • CCRIF launched the Excess Rainfall product in 2014/15 • 8 countries purchased coverage for this peril in the first year • Currently 13 countries have excess rainfall policies enforced. • The overall coverage limit for the portfolio increased by US$68.6m from 2014/15 to the current policy year. • Jamaica has the highest coverage limit in 2017/18 of US$34m. • All countries except Haiti, Jamaica and Trinidad have maintained a coverage limit under US$12m. • Barbados, Jamaica and Haiti have increased coverage for each policy year. • Within this period, Antigua and Barbuda, Belize and the Cayman Islands have discontinued XSR polices for at least one policy year.
  35. 35. Examination of Ceding Percentages Members should have a ceding percentage of at least 25% on each of their policies • In general – there has been an upward trend in the ceding percentage values for each country and each product between 2007/08 (2014/15 for XSR) and 2016/17 • The only country that has a ceding percentage that meets the “adequate coverage” level for all its 2017/2018 policies is Barbados. • The peril that is at the least “adequate” level of coverage is excess rainfall. The ceding percentage is the fraction of risk transferred to CCRIF
  36. 36. Examination of Ceding Percentages - 2 Country 2017/18 CCRIF Policy with Ceding Percentage at least 25% EQ TC XSR Anguilla Y N Y Antigua & Barbuda N (24%) N NP Barbados Y Y Y Belize NP NP N Cayman Islands Y N NP Dominica N N N Grenada Y Y N Haiti Y N N Jamaica Y N N St. Kitts & Nevis Y N N Saint Lucia Y Y N St. Vincent & the Grenadines Y Y N The Bahamas N/A N N Trinidad & Tobago N Y Y Turks & Caicos Islands N/A Y N N/A – not applicable; this policy not recommended based on country’s risk profile NP – No policy purchased although it is recommended
  37. 37. Examination of Ceding Percentages - 3 • For 2017/18 policy year, Saint Lucia has the highest ceding percentage for each policy (at 97.5% for EQ, %97.6 for TC and 11.8% for XSR). • This country has increased the percentages for TC and EQ significantly since the 2007/08 policy year by selecting different attachment and exhaustion points, the premium costs for 2017/18 TC and EQ policies have remained less than twice those in 2007/08. • Belize shows a country changing the composition of its catastrophe insurance portfolio. Belize had greatly increased its ceding percentage for EQ between the 2010/11 and 2013/14 policy years (2.3% and 86.5%, respectively) but then discontinued its EQ policy and explored different options for its TC and XSR policies, purchasing only XSR for the most recent year – 2017/18. • Based on requests from certain member countries, excess rainfall policies have been developed for sub-national units. The Bahamas is divided into 4 zones for XSR coverage. The ceding percentages for all 4 policies range from 1.7% (extreme north) to 88.4% (southeast). The southeast XSR policy was triggered by Hurricane Irma in September 2017.
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  41. 41. Factors that determine coverage levels • Level of resources available within the national budget • Uncertainty about appropriate or best level of coverage • Level of discounts or special incentives provided by CCRIF • Need for enhanced understanding among governments of different risk financing instruments and the best way of applying each to maximize benefits to countries (e.g. parametric insurance such as CCRIF and CAT DDOs must be seen as complimentary instruments) Decisions regarding coverage levels are based on:
  42. 42. Understanding the role of country risk profiles AIM  Provide information to the Country Risk Managers with simplicity, accuracy and robustness about the demographical, geological, economic characteristics of their territories.  Assess the impact of historical losses which may have caused damages, both to the infrastructure, population and economics.  Illustrate and facilitate the risk transfer decisions.  Help decision-making process, but not substitute it. A country risk manager has to decide what is best for the country, given the combination of exposure to risk, risk proneness and also considering budgeting restrictions. CONTENT  Hazard Profile  Exposure Profile  Risk Profile  Most severe historical events and their estimated economical loss
  43. 43. Link between Country Risk Profiles and Country Policy Characteristics 43 The aim of the country risk profiles is to provide information to the Country Risk Managers with simplicity, accuracy and robustness about the demographic, geological, economic characteristics of their territories. It also assesses the impact of historical losses which may have caused damages, both to the infrastructure, population and economics. The document also indicates the likely economical losses the country may confront whether such historical and probabilistic scenarios should occur. It is not a substitute for the decision making process, it is properly an instrument to illustrate and facilitate the risk transfer decisions. At the end of the day, a country risk manager has to decide what is best for the country, given the combination of exposure to risk, risk proneness and also considering budgeting restrictions. The country risk profile will provide particularly the three most severe historical scenarios and their estimated economical loss, so a country risk manager can have at least a range of amounts by peril to help make the decision.
  44. 44. Lessons Learned from CCRIF’s 10 years 44
  45. 45. Lessons Learned over the 10 years 2007 - 2017
  46. 46. 46 Lessons Learned Much of the success of CCRIF has not been by chance. We have based our operation on learning lessons and on a culture of continuous improvement as well as projecting needs and recognizing the dynamic and ever-changing global environment of which we are part. There have been many lessons learned that countries, organizations and donors should take into account in pursuance of a similar facility. I will share the main lessons with you.
  47. 47. Lessons Learned over the 10 years 2007 – 2017 • Risk pooling • Providing discounts and bundling products when possible bearing in mind fiscal constraints of members Keeping premiums low • Developing new products • Providing preferable policy options (e.g. lower attachment points) due to expectations of payouts Being flexible and responsive to members’ needs • Leads to informed decision making Increasing understanding of CCRIF products • Frequent interaction • Sourcing funding for new products • Premium Support for most disadvantaged countries Engagement with donors 47
  48. 48. Lessons Learned over the 10 years 2007 – 2017 Consultations aid project development and underpin continuous improvement Donor support is invaluable Success depends heavily on the relevant knowledge and experience of decision makers Stakeholders’ interests must be represented Stakeholder engagement is a continuing objective Minimize non-essential bureaucracy to lower overhead costs and product price Third-party monitoring and evaluation can help to broaden or streamline organizational focus as necessary Know your limitations Building capacity through training, technical assistance programmes to enhance understanding of CCRIF, DRM and risk transfer in general
  49. 49. Final Words on Lessons Learned • Financial mechanisms such as CCRIF must not be seen as a panacea but rather a complementary tool in addressing the much broader issue of disaster management within the state. • An important theme in the sustainability of such an innovative tool for risk management is the avoidance of complacency and stagnation. Constant communication, accountability, evaluation and evolution are necessary to maintain the relevance and reliability of the mechanism. Decision makers must remain creative in their desire to grow and expand the worth of the tool to stakeholders while remembering its initial mission and purpose. 49
  50. 50. Scaling up of CCRIF 50
  51. 51. 51 A Snapshot of a Scaled-up CCRIF – Key Strategies and Instruments for Expanding Scope – to 2030 Products • TC • EQ • XSR • Drought • Agriculture • Tourism • Tsunamis • Public Utilities including telecommunications and water and wastewater Services • Increasing coverage of members • Direct insurance to individuals and institutions • Vehicle to access donor resources to support CCA in member countries • Supports vulnerability assessmetns and the development of building codes in member countries • Expand economics of climate adaptation study Members • Caribbean • All CDB BMCs • Central America • British and Dutch Overseas Territories • South America • Caribbean Basin to include Guyana, Suriname, Colombia CCRIF - The Organiation • Increased capacity for R & D - models, market research, new products • Expanded technical experts and service providers in organization • Expanded CCRIF Secretariat Based on the findings of A Study of Scaling-UP CCRIF undertaken in January/February 2018 and recommendations from stakeholders, the following depicts a snapshot of what an expanded or scaled-up CCRIF could look like by 2030.
  52. 52. Views and Perceptions of Member Governments on Scaling Up CCRIF • Increase coverage levels of countries that are below adequate • Add to its existing products • Add to its membership – within the Caribbean and in Central America • Determine how CCRIF can provide support in-country and within strengthening national CDM strategies
  53. 53. Views and Perceptions of Donors/Developm ent Partners on Scaling Up CCRIF Increase the level of coverage within existing countries – within the context of analyzing what the appropriate level of coverage is for a given country. CCRIF should help countries determine the appropriate level Expand to cover economic sectors such as agriculture and tourism Expand to other countries to spread risk. Increased membership should spread the risks more which could lead to reduced premiums. Consider non-homogenous pool of countries which are not all affected by the same risks. CCRIF needs to expand membership in Central America which has started. 53
  54. 54. Views and Perceptions of Regional Organizations on Scaling Up CCRIF • Increase the level of coverage within existing countries • Expand to cover other types of events (for example, tsunami, volcanoes, health-related, agriculture (pests, livestock, marine) • Expand to other countries; spreading risk (thus reducing risk to CCRIF) would be good and may drive down cost of premiums
  55. 55. The CCRIF Story is a powerful way to demonstrate the linkages between country DRM strategies and risk transfer and the linkages between risk transfer, poverty reduction and economic growth and we share the UN 2030 goals for sustainable development and the importance of “leaving no one behind in development” – we effectively support the goals of promoting sustainable economic growth, ensuring environmental, social and fiscal sustainability and reducing poverty – as evidenced by CCRIF’s mission statement: “A resilient Caribbean region and beyond with optimised disaster risk management and climate change adaptation practices supporting long-term sustainable development”. 55 Is it time for CCRIF+
  56. 56. Thank You CCRIF SPC Follow @ ccrif_pr CCRIF_SPC 56