Caribbean Risk Insurance Facility Receives International Award

The 16-month old Caribbean Catastrophe Risk Insurance Facility (CCRIF), the world’s first and only multi-nation catastrophe risk fund, was adjudged the Reinsurance Initiative of the Year, at the 2008 Review Worldwide Reinsurance Awards on Thursday (Sept. 4) in London.
The award is for the re-insurance initiative, that has generated the most promising change to a significant area of business, by showing innovation through a particular transaction, deal or partnership, education, or development of a new market or product area, by developing a new product, utilising capital markets, a capital-raising initiative or industry lobbying.
Jamaican High Commissioner to the United Kingdom, Burchell Whiteman, accepted the award on behalf of the CCRIF members, whom, he said, were developing insurance tools to proactively manage catastrophic risk.
According to Mr. Whiteman, the CCRIF was a reflection of the commitment of its member Governments, to limiting their financial exposure to the perils of hurricanes and earthquakes.
Speaking with JIS News, the High Commissioner said that the CCRIF, will also be developing complementary products to cover extreme rainfall events, such as was experienced by Jamaica during the passage of Tropical Storm Gustav.
“I am pleased to accept the award for Reinsurance Initiative of the Year, on behalf of Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, the Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, and the Turks and Caicos Islands, the Caribbean Governments that currently participate in the CCRIF, and are leading the pack in developing insurance tools, to proactively manage catastrophic risk,” Mr. Whiteman said.
The award is an endorsement of the Facility, by some of the world’s most well respected insurance professionals, who comprised the panel of experts, voting in favour of recognising the CCRIF’s unique innovations in the areas of insurance and reinsurance.
Director of Finance in the Ministry of Finance, St. Lucia, and a member of the CCRIF board, Isaac Anthony, said the Facility was appreciative of the recognition.
“As we continue to make strides in the reinsurance sector, we are thankful for the recognition of the work Caribbean Governments have put into creating the CCRIF. We press ahead in the further development of the facility, buoyed by this achievement,” he stated.
The Caribbean Catastrophe Risk Insurance Facility, is the first multi-country risk pool in the world. It is also the first insurance instrument to successfully develop a parametric policy, backed by both traditional and capital markets. It is a regional insurance fund for Caribbean Governments, designed to limit the financial impact of catastrophic hurricanes and earthquakes on territories, by quickly providing funds when a policy is triggered.