The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season
This report provides an external assessment of the operations of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) during its second policy year from June 1, 2008 to May 31, 2009. Developed at members and associate members of the Caribbean...
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| Format: | Working Paper |
| Language: | English en_US |
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Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2010/04/18923410/review-ccrifs-operation-after-second-season http://hdl.handle.net/10986/17665 |
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okr-10986-17665 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGGREGATE EXCESS OF LOSS REINSURANCE ANNUAL FINANCIAL STATEMENTS ASSET CLASS ASSET CLASSIFICATION ASSET MANAGEMENT ASSET MANAGER ASSETS ATTACHMENT POINT AVAILABILITY OF INFORMATION BANK ACCOUNTS BANKS BASIS POINTS BASIS RISK BONDS BUDGETING BUSINESS INTERRUPTION INSURANCE CAPITAL MARKET CAPITAL MARKETS CASH MANAGEMENT CATASTROPHE COVERAGE CATASTROPHIC EVENT CLAIMANT CLAIMS PROCESSING COMPENSATION COMPETITIVE TENDER CONDITIONS OF COVERAGE CONFLICTS OF INTEREST CONTRACTUAL RELATIONSHIPS COST OF CAPITAL COVERAGE CREDIBILITY CURRENCY CURRENCY RISK DEBT DEBT INSTRUMENTS DERIVATIVES DEVASTATION DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER RESPONSE DISASTER RISK DIVERSIFIED PORTFOLIO EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES EXPENDITURE EXPENDITURES FIDUCIARY FINANCES FINANCIAL ANALYSIS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL RISK FINANCIAL RISKS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SUSTAINABILITY FISCAL CONSTRAINTS FLOODING FRAUD FUTURES FUTURES CONTRACTS GOVERNMENT ASSETS HOLDING HURRICANE HURRICANES INFORMATION DISSEMINATION INSURANCE COMPANY INSURANCE COVERAGE INSURANCE POLICIES INSURANCE POLICY INSURANCE PREMIUMS INSURANCE PRODUCTS INTERNAL CONTROLS INTERNATIONAL DEVELOPMENT INVENTORY INVESTING INVESTMENT ASSETS INVESTMENT GUIDELINES INVESTMENT INCOME INVESTMENT POLICY INVESTMENT STRATEGY ISSUANCE LACK OF TRANSPARENCY LEVEL OF RISK LIABILITY LIQUID ASSETS LIQUIDITY MATURITIES MATURITY MITIGATION MONETARY AUTHORITY NATURAL CATASTROPHE OPPORTUNITY COST PHYSICAL ASSETS PORTFOLIO MANAGEMENT PREMIUM PAYMENT PREMIUM PAYMENTS PREMIUMS PROGRAMS RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE BROKER REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURER REINSURERS RELIEF RENEWALS RESERVE RESERVES RETURN RETURNS RISK ASSESSMENT RISK DIVERSIFICATION RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT STRATEGIES RISK MANAGERS RISK OF DEFAULT RISK POOLING RISK TRANSFER SAVINGS SETTLEMENT SHAREHOLDERS SHORT-TERM LIQUIDITY SOLVENCY STORM STORMS SUSTAINABILITY SWAP TAX TECHNICAL COOPERATION TRANSPARENCY TREASURY TREASURY BOND TREASURY BOND YIELD TROPICAL CYCLONE TROPICAL CYCLONES TRUST DEED TRUST FUND UNDERWRITER UNINSURED LOSSES VALUATION VALUE OF ASSETS VARIABLE RATE WIND SPEED WITHDRAWAL |
| spellingShingle |
ACCOUNTING AGGREGATE EXCESS OF LOSS REINSURANCE ANNUAL FINANCIAL STATEMENTS ASSET CLASS ASSET CLASSIFICATION ASSET MANAGEMENT ASSET MANAGER ASSETS ATTACHMENT POINT AVAILABILITY OF INFORMATION BANK ACCOUNTS BANKS BASIS POINTS BASIS RISK BONDS BUDGETING BUSINESS INTERRUPTION INSURANCE CAPITAL MARKET CAPITAL MARKETS CASH MANAGEMENT CATASTROPHE COVERAGE CATASTROPHIC EVENT CLAIMANT CLAIMS PROCESSING COMPENSATION COMPETITIVE TENDER CONDITIONS OF COVERAGE CONFLICTS OF INTEREST CONTRACTUAL RELATIONSHIPS COST OF CAPITAL COVERAGE CREDIBILITY CURRENCY CURRENCY RISK DEBT DEBT INSTRUMENTS DERIVATIVES DEVASTATION DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER RESPONSE DISASTER RISK DIVERSIFIED PORTFOLIO EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES EXPENDITURE EXPENDITURES FIDUCIARY FINANCES FINANCIAL ANALYSIS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL RISK FINANCIAL RISKS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SUSTAINABILITY FISCAL CONSTRAINTS FLOODING FRAUD FUTURES FUTURES CONTRACTS GOVERNMENT ASSETS HOLDING HURRICANE HURRICANES INFORMATION DISSEMINATION INSURANCE COMPANY INSURANCE COVERAGE INSURANCE POLICIES INSURANCE POLICY INSURANCE PREMIUMS INSURANCE PRODUCTS INTERNAL CONTROLS INTERNATIONAL DEVELOPMENT INVENTORY INVESTING INVESTMENT ASSETS INVESTMENT GUIDELINES INVESTMENT INCOME INVESTMENT POLICY INVESTMENT STRATEGY ISSUANCE LACK OF TRANSPARENCY LEVEL OF RISK LIABILITY LIQUID ASSETS LIQUIDITY MATURITIES MATURITY MITIGATION MONETARY AUTHORITY NATURAL CATASTROPHE OPPORTUNITY COST PHYSICAL ASSETS PORTFOLIO MANAGEMENT PREMIUM PAYMENT PREMIUM PAYMENTS PREMIUMS PROGRAMS RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE BROKER REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURER REINSURERS RELIEF RENEWALS RESERVE RESERVES RETURN RETURNS RISK ASSESSMENT RISK DIVERSIFICATION RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT STRATEGIES RISK MANAGERS RISK OF DEFAULT RISK POOLING RISK TRANSFER SAVINGS SETTLEMENT SHAREHOLDERS SHORT-TERM LIQUIDITY SOLVENCY STORM STORMS SUSTAINABILITY SWAP TAX TECHNICAL COOPERATION TRANSPARENCY TREASURY TREASURY BOND TREASURY BOND YIELD TROPICAL CYCLONE TROPICAL CYCLONES TRUST DEED TRUST FUND UNDERWRITER UNINSURED LOSSES VALUATION VALUE OF ASSETS VARIABLE RATE WIND SPEED WITHDRAWAL World Bank The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season |
| geographic_facet |
Latin America & Caribbean Caribbean |
| description |
This report provides an external
assessment of the operations of the Caribbean Catastrophe
Risk Insurance Facility (CCRIF) during its second policy
year from June 1, 2008 to May 31, 2009. Developed at members
and associate members of the Caribbean Community
(CARICOM's) request following the devastation wrought
on Grenada and the Cayman Islands by Hurricane Ivan in 2004,
CCRIF was established in May 2007. The World Bank and a
number of donors contributed to CCRIF's start-up
capital and also underwrote a portion of some members'
initial participation fees and premium payments during
CCRIF's first three policy years. A multi-donor trust
fund continues to reimburse CCRIF for certain eligible
expenditures, thus facilitating continued growth of
CCRIF's reserves and risk-bearing capacity. The report
aims to contribute to on-going discussions within the
broader disaster risk management community about the
possibilities for scaling up the role of CCRIF in the
Caribbean and replicating or adapting CCRIF's
innovative model of ex ante disaster risk financing in other
disaster-prone regions of the world. Rolling out the
second-generation loss model, the anticipated excess
rainfall coverage and, possibly, hurricane loss coverage for
members of Caribbean Association of Electrical Utilities
(CARILEC) will require intensive interactions with
CCRIF's members, reinsurance markets, key partner
institutions, and the media to ensure a common understanding
of the model and the features, inherent basis risk, and
benefits of the policies. Increasing CCRIF's
transparency is also vital to broadening understanding of
CCRIF's governance structure, modeling, and policy
coverage and consolidating CCRIF as a well-recognized and
widely-valued Caribbean institution. |
| format |
Publications & Research :: Working Paper |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season |
| title_short |
The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season |
| title_full |
The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season |
| title_fullStr |
The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season |
| title_full_unstemmed |
The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season |
| title_sort |
caribbean catastrophe risk insurance initiative : a review of ccrif's operation after its second season |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2010/04/18923410/review-ccrifs-operation-after-second-season http://hdl.handle.net/10986/17665 |
| _version_ |
1764438129386717184 |
| spelling |
okr-10986-176652021-04-23T14:03:39Z The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season World Bank ACCOUNTING AGGREGATE EXCESS OF LOSS REINSURANCE ANNUAL FINANCIAL STATEMENTS ASSET CLASS ASSET CLASSIFICATION ASSET MANAGEMENT ASSET MANAGER ASSETS ATTACHMENT POINT AVAILABILITY OF INFORMATION BANK ACCOUNTS BANKS BASIS POINTS BASIS RISK BONDS BUDGETING BUSINESS INTERRUPTION INSURANCE CAPITAL MARKET CAPITAL MARKETS CASH MANAGEMENT CATASTROPHE COVERAGE CATASTROPHIC EVENT CLAIMANT CLAIMS PROCESSING COMPENSATION COMPETITIVE TENDER CONDITIONS OF COVERAGE CONFLICTS OF INTEREST CONTRACTUAL RELATIONSHIPS COST OF CAPITAL COVERAGE CREDIBILITY CURRENCY CURRENCY RISK DEBT DEBT INSTRUMENTS DERIVATIVES DEVASTATION DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER RESPONSE DISASTER RISK DIVERSIFIED PORTFOLIO EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES EXPENDITURE EXPENDITURES FIDUCIARY FINANCES FINANCIAL ANALYSIS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL RISK FINANCIAL RISKS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SUSTAINABILITY FISCAL CONSTRAINTS FLOODING FRAUD FUTURES FUTURES CONTRACTS GOVERNMENT ASSETS HOLDING HURRICANE HURRICANES INFORMATION DISSEMINATION INSURANCE COMPANY INSURANCE COVERAGE INSURANCE POLICIES INSURANCE POLICY INSURANCE PREMIUMS INSURANCE PRODUCTS INTERNAL CONTROLS INTERNATIONAL DEVELOPMENT INVENTORY INVESTING INVESTMENT ASSETS INVESTMENT GUIDELINES INVESTMENT INCOME INVESTMENT POLICY INVESTMENT STRATEGY ISSUANCE LACK OF TRANSPARENCY LEVEL OF RISK LIABILITY LIQUID ASSETS LIQUIDITY MATURITIES MATURITY MITIGATION MONETARY AUTHORITY NATURAL CATASTROPHE OPPORTUNITY COST PHYSICAL ASSETS PORTFOLIO MANAGEMENT PREMIUM PAYMENT PREMIUM PAYMENTS PREMIUMS PROGRAMS RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE BROKER REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURER REINSURERS RELIEF RENEWALS RESERVE RESERVES RETURN RETURNS RISK ASSESSMENT RISK DIVERSIFICATION RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT STRATEGIES RISK MANAGERS RISK OF DEFAULT RISK POOLING RISK TRANSFER SAVINGS SETTLEMENT SHAREHOLDERS SHORT-TERM LIQUIDITY SOLVENCY STORM STORMS SUSTAINABILITY SWAP TAX TECHNICAL COOPERATION TRANSPARENCY TREASURY TREASURY BOND TREASURY BOND YIELD TROPICAL CYCLONE TROPICAL CYCLONES TRUST DEED TRUST FUND UNDERWRITER UNINSURED LOSSES VALUATION VALUE OF ASSETS VARIABLE RATE WIND SPEED WITHDRAWAL This report provides an external assessment of the operations of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) during its second policy year from June 1, 2008 to May 31, 2009. Developed at members and associate members of the Caribbean Community (CARICOM's) request following the devastation wrought on Grenada and the Cayman Islands by Hurricane Ivan in 2004, CCRIF was established in May 2007. The World Bank and a number of donors contributed to CCRIF's start-up capital and also underwrote a portion of some members' initial participation fees and premium payments during CCRIF's first three policy years. A multi-donor trust fund continues to reimburse CCRIF for certain eligible expenditures, thus facilitating continued growth of CCRIF's reserves and risk-bearing capacity. The report aims to contribute to on-going discussions within the broader disaster risk management community about the possibilities for scaling up the role of CCRIF in the Caribbean and replicating or adapting CCRIF's innovative model of ex ante disaster risk financing in other disaster-prone regions of the world. Rolling out the second-generation loss model, the anticipated excess rainfall coverage and, possibly, hurricane loss coverage for members of Caribbean Association of Electrical Utilities (CARILEC) will require intensive interactions with CCRIF's members, reinsurance markets, key partner institutions, and the media to ensure a common understanding of the model and the features, inherent basis risk, and benefits of the policies. Increasing CCRIF's transparency is also vital to broadening understanding of CCRIF's governance structure, modeling, and policy coverage and consolidating CCRIF as a well-recognized and widely-valued Caribbean institution. 2014-04-07T20:33:32Z 2014-04-07T20:33:32Z 2010-04 http://documents.worldbank.org/curated/en/2010/04/18923410/review-ccrifs-operation-after-second-season http://hdl.handle.net/10986/17665 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Publications & Research :: Working Paper Publications & Research Latin America & Caribbean Caribbean |