Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season
This is the third review of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and covers its third season of operation; from June 1, 2009, to May 31, 2010. CCRIF was established in May 2007 as an independent, non-profit legal entity to pool...
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| Format: | Economic & Sector Work |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2011/04/23992231/reducing-financial-vulnerability-natural-disasters-caribbean-review-ccrifs-operation-after-third-season http://hdl.handle.net/10986/21547 |
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okr-10986-21547 |
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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 |
ACCOUNTABILITY ADMINISTRATIVE COSTS AFTERSHOCKS AGGREGATE EXCESS OF LOSS REINSURANCE APPLICATIONS ASSET MANAGEMENT ASSET MANAGER ASSET VALUE ATLANTIC HURRICANE BANK OPERATIONS BONDS BUDGETING BUSINESS PLANNING CAPITAL GROWTH CAPITAL MARKET CAPITAL MARKETS CAPITALIZATION CAPTIVE INSURANCE CAPTIVE INSURANCE COMPANIES CASH FLOW CATASTROPHIC EVENT CD CLIENT COUNTRIES CLIMATE CHANGE COMMISSIONS COMMON MARKET COMPETITIVENESS CORE BUSINESS COVERAGE CROP INSURANCE DEPOSIT DEPOSITS DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER MANAGEMENT DISASTER RISK DISASTER RISK REDUCTION DISBURSEMENTS EARTHQUAKE EARTHQUAKES ECONOMIC DOWNTURN EIB EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGING MARKET EXPENDITURE EXPENDITURES FAULT LINE FIDUCIARY FINANCIAL INFLOW FINANCIAL INSTITUTION FINANCIAL REPORTING FINANCIAL RISK FINANCIAL RISKS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FISCAL CONSTRAINTS FLOW OF FUNDS FLOW OF INFORMATION FOREIGN AFFAIRS HURRICANE HURRICANES INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE RISK INSURER INTANGIBLE INTEREST INCOME INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTING INVESTMENT BANK INVESTMENT FUND INVESTMENT GUIDELINES INVESTMENT INCOME INVESTMENT MANAGER INVESTMENT POLICY INVESTMENT RISK INVESTMENT STRATEGY INVESTMENT · GUIDELINES JURISDICTION LACK OF COMPETITION LIQUIDITY MARKET CONDITIONS NATURAL DISASTERS NEW PRODUCT NEW PRODUCTS OPERATING COSTS OPPORTUNITY COST OPPORTUNITY COSTS OUTSOURCING PORTFOLIO PREMIUM PAYMENT PREMIUM PAYMENTS PREMIUMS PRIVATE BANKING PROGRAMS PUBLIC RELATIONS RAPID GROWTH RATE OF GROWTH RATES RECAPITALIZATION REINSURANCE REINSURANCE BROKER REINSURANCE MARKETS REINSURER REINSURERS RELIEF RENEWALS REPUTATION RESERVE RESERVES RETAINED EARNINGS RETURN RETURNS RISK ASSESSMENT RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGERS RISK MITIGATION RISK OF DEFAULT RISK POOLING RISK TRANSFER SECURITIES SHAREHOLDER SHAREHOLDER EQUITY SOCIAL INVESTMENT SOFT LOAN SOLVENCY STORMS SUBSIDIARY SUSTAINABILITY SUSTAINABLE DEVELOPMENT SWAP TAX TECHNICAL ASSISTANCE TRANSPARENCY TREASURY TROPICAL STORM TROPICAL STORMS TRUST DEED TRUST FUND TRUSTEES UNINSURED LOSSES VOLATILITY WARRANTS |
| spellingShingle |
ACCOUNTABILITY ADMINISTRATIVE COSTS AFTERSHOCKS AGGREGATE EXCESS OF LOSS REINSURANCE APPLICATIONS ASSET MANAGEMENT ASSET MANAGER ASSET VALUE ATLANTIC HURRICANE BANK OPERATIONS BONDS BUDGETING BUSINESS PLANNING CAPITAL GROWTH CAPITAL MARKET CAPITAL MARKETS CAPITALIZATION CAPTIVE INSURANCE CAPTIVE INSURANCE COMPANIES CASH FLOW CATASTROPHIC EVENT CD CLIENT COUNTRIES CLIMATE CHANGE COMMISSIONS COMMON MARKET COMPETITIVENESS CORE BUSINESS COVERAGE CROP INSURANCE DEPOSIT DEPOSITS DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER MANAGEMENT DISASTER RISK DISASTER RISK REDUCTION DISBURSEMENTS EARTHQUAKE EARTHQUAKES ECONOMIC DOWNTURN EIB EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGING MARKET EXPENDITURE EXPENDITURES FAULT LINE FIDUCIARY FINANCIAL INFLOW FINANCIAL INSTITUTION FINANCIAL REPORTING FINANCIAL RISK FINANCIAL RISKS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FISCAL CONSTRAINTS FLOW OF FUNDS FLOW OF INFORMATION FOREIGN AFFAIRS HURRICANE HURRICANES INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE RISK INSURER INTANGIBLE INTEREST INCOME INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTING INVESTMENT BANK INVESTMENT FUND INVESTMENT GUIDELINES INVESTMENT INCOME INVESTMENT MANAGER INVESTMENT POLICY INVESTMENT RISK INVESTMENT STRATEGY INVESTMENT · GUIDELINES JURISDICTION LACK OF COMPETITION LIQUIDITY MARKET CONDITIONS NATURAL DISASTERS NEW PRODUCT NEW PRODUCTS OPERATING COSTS OPPORTUNITY COST OPPORTUNITY COSTS OUTSOURCING PORTFOLIO PREMIUM PAYMENT PREMIUM PAYMENTS PREMIUMS PRIVATE BANKING PROGRAMS PUBLIC RELATIONS RAPID GROWTH RATE OF GROWTH RATES RECAPITALIZATION REINSURANCE REINSURANCE BROKER REINSURANCE MARKETS REINSURER REINSURERS RELIEF RENEWALS REPUTATION RESERVE RESERVES RETAINED EARNINGS RETURN RETURNS RISK ASSESSMENT RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGERS RISK MITIGATION RISK OF DEFAULT RISK POOLING RISK TRANSFER SECURITIES SHAREHOLDER SHAREHOLDER EQUITY SOCIAL INVESTMENT SOFT LOAN SOLVENCY STORMS SUBSIDIARY SUSTAINABILITY SUSTAINABLE DEVELOPMENT SWAP TAX TECHNICAL ASSISTANCE TRANSPARENCY TREASURY TROPICAL STORM TROPICAL STORMS TRUST DEED TRUST FUND TRUSTEES UNINSURED LOSSES VOLATILITY WARRANTS World Bank Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season |
| geographic_facet |
Latin America & Caribbean |
| relation |
The Caribbean catastrophe risk insurance initiative; |
| description |
This is the third review of the
Caribbean Catastrophe Risk Insurance Facility (CCRIF) and
covers its third season of operation; from June 1, 2009, to
May 31, 2010. CCRIF was established in May 2007 as an
independent, non-profit legal entity to pool catastrophe
risks and provide CARICOM Members and Associate Members with
rapid access to an infusion of liquidity in the event of a
major hurricane or earthquake.4 Offering parametric
insurance with payouts based on specific indicators of
speed, location, and intensity, CCRIF was the world's
first facility of its kind. Domiciled in the Cayman Islands,
it is controlled by a five-person Board of Director s, which
consists of one representative of the member countries, one
representative of the donors that have contributed to the
Multi-donor Trust Fund (MDTF) that supports the Facilicy5,
one financial and one insurance technical expert, and an
Executive Chairman appointed by the other four directors.
This review assesses CCRIF's 2009-2010 operations and
its challenges and opportunities going forward. While
intended primarily for the Facility s Board of Directors, it
is hoped that it will also be informative and useful to the
participating countries, donors, and other stakeholders. The
review also aims to contribute to on-going discussions
within the broader disaster risk management community about
the possibilities for scaling up CCRIF's role in the
Caribbean and replicating or adapting its innovative model
of ex ante disaster risk financing in other disaster-prone
regions of the world. |
| format |
Economic & Sector Work |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season |
| title_short |
Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season |
| title_full |
Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season |
| title_fullStr |
Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season |
| title_full_unstemmed |
Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season |
| title_sort |
reducing financial vulnerability to natural disasters in the caribbean : a review of ccrif's operation after its third season |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2011/04/23992231/reducing-financial-vulnerability-natural-disasters-caribbean-review-ccrifs-operation-after-third-season http://hdl.handle.net/10986/21547 |
| _version_ |
1764448539025342464 |
| spelling |
okr-10986-215472021-04-23T14:04:02Z Reducing Financial Vulnerability to Natural Disasters in the Caribbean : A Review of CCRIF's Operation After Its Third Season World Bank ACCOUNTABILITY ADMINISTRATIVE COSTS AFTERSHOCKS AGGREGATE EXCESS OF LOSS REINSURANCE APPLICATIONS ASSET MANAGEMENT ASSET MANAGER ASSET VALUE ATLANTIC HURRICANE BANK OPERATIONS BONDS BUDGETING BUSINESS PLANNING CAPITAL GROWTH CAPITAL MARKET CAPITAL MARKETS CAPITALIZATION CAPTIVE INSURANCE CAPTIVE INSURANCE COMPANIES CASH FLOW CATASTROPHIC EVENT CD CLIENT COUNTRIES CLIMATE CHANGE COMMISSIONS COMMON MARKET COMPETITIVENESS CORE BUSINESS COVERAGE CROP INSURANCE DEPOSIT DEPOSITS DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER MANAGEMENT DISASTER RISK DISASTER RISK REDUCTION DISBURSEMENTS EARTHQUAKE EARTHQUAKES ECONOMIC DOWNTURN EIB EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGING MARKET EXPENDITURE EXPENDITURES FAULT LINE FIDUCIARY FINANCIAL INFLOW FINANCIAL INSTITUTION FINANCIAL REPORTING FINANCIAL RISK FINANCIAL RISKS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FISCAL CONSTRAINTS FLOW OF FUNDS FLOW OF INFORMATION FOREIGN AFFAIRS HURRICANE HURRICANES INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE RISK INSURER INTANGIBLE INTEREST INCOME INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTING INVESTMENT BANK INVESTMENT FUND INVESTMENT GUIDELINES INVESTMENT INCOME INVESTMENT MANAGER INVESTMENT POLICY INVESTMENT RISK INVESTMENT STRATEGY INVESTMENT · GUIDELINES JURISDICTION LACK OF COMPETITION LIQUIDITY MARKET CONDITIONS NATURAL DISASTERS NEW PRODUCT NEW PRODUCTS OPERATING COSTS OPPORTUNITY COST OPPORTUNITY COSTS OUTSOURCING PORTFOLIO PREMIUM PAYMENT PREMIUM PAYMENTS PREMIUMS PRIVATE BANKING PROGRAMS PUBLIC RELATIONS RAPID GROWTH RATE OF GROWTH RATES RECAPITALIZATION REINSURANCE REINSURANCE BROKER REINSURANCE MARKETS REINSURER REINSURERS RELIEF RENEWALS REPUTATION RESERVE RESERVES RETAINED EARNINGS RETURN RETURNS RISK ASSESSMENT RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGERS RISK MITIGATION RISK OF DEFAULT RISK POOLING RISK TRANSFER SECURITIES SHAREHOLDER SHAREHOLDER EQUITY SOCIAL INVESTMENT SOFT LOAN SOLVENCY STORMS SUBSIDIARY SUSTAINABILITY SUSTAINABLE DEVELOPMENT SWAP TAX TECHNICAL ASSISTANCE TRANSPARENCY TREASURY TROPICAL STORM TROPICAL STORMS TRUST DEED TRUST FUND TRUSTEES UNINSURED LOSSES VOLATILITY WARRANTS This is the third review of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and covers its third season of operation; from June 1, 2009, to May 31, 2010. CCRIF was established in May 2007 as an independent, non-profit legal entity to pool catastrophe risks and provide CARICOM Members and Associate Members with rapid access to an infusion of liquidity in the event of a major hurricane or earthquake.4 Offering parametric insurance with payouts based on specific indicators of speed, location, and intensity, CCRIF was the world's first facility of its kind. Domiciled in the Cayman Islands, it is controlled by a five-person Board of Director s, which consists of one representative of the member countries, one representative of the donors that have contributed to the Multi-donor Trust Fund (MDTF) that supports the Facilicy5, one financial and one insurance technical expert, and an Executive Chairman appointed by the other four directors. This review assesses CCRIF's 2009-2010 operations and its challenges and opportunities going forward. While intended primarily for the Facility s Board of Directors, it is hoped that it will also be informative and useful to the participating countries, donors, and other stakeholders. The review also aims to contribute to on-going discussions within the broader disaster risk management community about the possibilities for scaling up CCRIF's role in the Caribbean and replicating or adapting its innovative model of ex ante disaster risk financing in other disaster-prone regions of the world. 2015-02-26T22:06:10Z 2015-02-26T22:06:10Z 2011-04 http://documents.worldbank.org/curated/en/2011/04/23992231/reducing-financial-vulnerability-natural-disasters-caribbean-review-ccrifs-operation-after-third-season http://hdl.handle.net/10986/21547 English en_US The Caribbean catastrophe risk insurance initiative; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work Economic & Sector Work :: Risk and Vulnerability Assessment Latin America & Caribbean |