The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility), a parametric focused risk pooling and transfer facility for the Caribbean and Central America, is targeting further expansion in terms of its scope, as well as in terms of the range of risk transfer products it offers and to whom.
The CCRIF began as a parametric risk transfer pool for Caribbean island nations, offering just tropical cyclone and earthquake insurance protection and leveraging the economics of pooled risks and the global reinsurance market to make its products efficient for sovereigns in the region.
It expanded to also offer parametric extreme rainfall cover and included Central American governments among its protection buyers, as it sought to benefit from increased scale and diversification within the risk pool it had created.
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