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Economic Tools Mapping: Caribbean Catastrophe Risk Insurance Facility

State Function: Market Engagement, Disaster Readiness & Resilience
Insight & Analysis: Market Building
Topic: International Development Finance
Regions: Americas
Location: Haiti
Publication Type: Economic Tools

The Caribbean presents a vulnerable combination of several very small states and a propensity to major natural catastrophes such as hurricanes. This combination spurred the creation of the world’s first multi-country risk pool. The Caribbean catastrophe risk insurance facility (CCRIF) helps governments limit the financial impact of catastrophe. The facility is supported by a technical assistance program. This note identifies the main elements that contribute to the project’s success.