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CCRIF receives the ‘Reinsurance Initiative of the Year’ Award for the reinsurance initiative that generated the most promising CARICOM Heads of Government approach change to a signifi cant area of the World Bank for assistance to design business – the award was offered and implement a cost-effective risk transfer by The Review, the leading programme for member governments magazine of the international reinsurance industry Hurricane Ivan causes CCRIF makes payout to Turks and billions of dollars of losses Caicos Islands for Hurricane Ike across the Caribbean CCRIF makes the Real-Time Forecasting System (RTFS) available CCRIF is named to members for the fi rst ‘Transaction of time – each year it is the Year’ at the available to members Insurance Day at the beginning of London Market the Atlantic Hurricane Awards Season 2007 2004 2008 The Caribbean Catastrophe Risk Insurance Facility is formed as the fi rst multi-country, multi-peril pooled catastrophe risk insurance facility in the world A Multi-donor Trust Fund (MDTF) is established to support CCRIF’s initial operations CCRIF signs fi rst MOU with the Caribbean Institute CCRIF provides tropical cyclone (hurricane) and earthquake for Meteorology and Hydrology (CIMH) – over the coverage to 16 Caribbean member governments years, CCRIF has signed MOUs with the Caribbean Community Climate Change Centre (CCCCC), United Nations Economic Commission for Latin America and the Caribbean (ECLAC), Caribbean Disaster Emergency Management Agency (CDEMA), Inter- American Development Bank (IDB), University of the West Indies (UWI), UWI Seismic Research Centre CCRIF makes fi rst (SRC), the Commission of the Organisation of payouts to Dominica Eastern Caribbean States (OECS), the Association of and Saint Lucia for Caribbean States (ACS) and the Caribbean Regional November earthquake Fisheries Mechanism (CRFM) CCRIF conducts a stakeholder assessment to determine from members and stakeholders how to enhance the operations of the facility to meet their needs, whilst at the same time achieving CCRIF’s vision and mission CCRIF’s second- generation (2G) hazard and loss estimation model (HLEM) is developed CCRIF and partners offer course “Understanding and Using the CCRIF Real-Time Forecasting System” UNFCCC declares CCRIF a The Second-generation best practice for climate Hazard and Loss Estimation change adaptation Model is revised and renamed the “CCRIF Multi- Peril Risk Estimation System” (CCRIF-MPRES) 2010 2009 2011 CCRIF makes payout to Haiti for the CCRIF launches its Technical Assistance devastating January Programme with scholarship programmes – earthquake 69 scholarships totalling almost US$1 million awarded between 2010 and 2018: 53 within the CCRIF-UWI Scholarship Programme and 16 within the CCRIF Scholarship Programme for CCRIF makes study at overseas universities payouts to CCRIF and CIMH provide technical assistance Barbados, Saint to support reconstruction efforts in Haiti Lucia and St. through development and use of rainfall Vincent and and fl ood prediction products – recognizing the Grenadines the particular vulnerability of Haiti to heavy for Hurricane rainfall, which typically causes fl ooding and Tomas and to landslides in this highly deforested country Anguilla for Hurricane Earl CCRIF releases preliminary results of study on the Economics of Climate Adaptation (ECA) in the Caribbean conducted by CCRIF and partners CCRIF receives the Captive Insurance Companies Association’s (CICA’s) CCRIF is recognized for “good Outstanding Captive innovative/non-traditional Award – this annual award approach to reinsurance recognizes a successful for emerging/economically captive insurance company challenged countries” in that has shown creative CCRIF collaborates with MCII to Best’s Review January 2013 uses for a captive, offer the Livelihood Protection Innovative Showcase – a prevailed in diffi cult times, Policy (LPP) – a microinsurance forum for “forward-thinking and has gained a positive product – to low-income initiatives that are providing reputation among rating individuals for coverage against insurance organizations with agencies, regulators, and extreme weather events in Saint measurable success” colleagues in the captive Lucia, Grenada and Jamaica industry CCRIF and the Caribbean Development Bank (CDB) host the First Donor Meeting to enhance coordination of CCRIF CCRIF offers excess activities with donor rainfall coverage to and partner activities members and country work programmes 2012 2014 2013 The Caribbean Catastrophe Risk Insurance Facility is restructured as a segregated portfolio company and renamed CCRIF SPC The World Bank CCRIF provides grants for completes the recovery projects to Jamaica, Implementation Haiti and The Bahamas, which Completion and were affected by Hurricane Results Report on Sandy – for example, the CCRIF and rates Government of Jamaica used CCRIF’s performance the funds to make repairs at the as Highly Satisfactory CCRIF makes fi rst excess rainfall payouts to Anguilla, Barbados and Muirton Boys’ Home St. Kitts and Nevis for Hurricane Gonzalo and November rains The World Bank issues its first CCRIF conducts a stakeholder assessment ever catastrophe (“cat”) bond to build on the 2011 assessment and obtain to address earthquake and stakeholder views on the performance of tropical cyclone risk in the the facility and to capture their insights 16 Caribbean CCRIF member within CCRIF’s strategic planning process countries towards meeting the needs of its members Within the MOU with CCRIF, the LPP policy holders in Saint Lucia Inter-American Development CCRIF hosts the 6th meeting – most of whom are small farmers – Bank publishes the report, of the World Forum of receive fi rst payouts within two weeks “Understanding the Economics Catastrophe Programmes in after December 2013 rains Montego Bay, Jamaica of Climate Adaptation in Trinidad and Tobago” CCRIF and CDB host the Second Donor Meeting CCRIF launches its Regional Internship Programme and CCRIF receives the award Small Grants Programme – to date, CCRIF has placed 82 for Best Latin America interns at 22 regional and national organizations with an Nicaragua Reinsurance Deal – for investment of US$260,000 and awarded grants totaling becomes the CCRIF’s cat bond – at over US$280,000 to NGOs for 12 projects. fi rst CCRIF Reactions 2015 Latin member America Awards hosted from Central by Reactions Information America Services, the leading source of information for executives in the global reinsurance market CCRIF makes payout to Dominica for Tropical Storm Erika CCRIF signs an MOU with COSEFIN - the Council of Ministers 2015 of Finance of Central The G-7 announces action to America, Panama and support efforts by vulnerable the Dominican Republic United States developing countries to - to enable Central President Barack manage climate change-related American countries to Obama pledges disaster risk through insurance, join the facility resources to support by building upon existing risk CCRIF and other insurance facilities such as CCRIF insurance facilities to increase climate risk insurance coverage to help respond to severe climate- related impacts Within the MOU with CCRIF, UWI Seismic Research Centre completes project to extend and enhance the network of strong motion recording instruments in the Eastern Caribbean and Jamaica – 15 stations are installed or upgraded in Barbados, Jamaica and 6 OECS countries CCRIF’s second-generation excess rainfall Within the MOU with CCRIF, OECS develops strategies model known as XSR 2.0 is developed and action plans for increasing resilience in vulnerable communities in Saint Lucia – which has been repeated in St. Vincent and the Grenadines CCRIF launches its 10th anniversary celebrations CCRIF begins development of products for drought, agriculture and fi sheries CCRIF provides a grant to the Trinidad and Tobago Meteorology Service to host the Fifth National Climate Outlook Forum CDB and CCRIF launch the Integrated Sovereign Risk Management in the Caribbean initiative CCRIF provides a grant to the Government of Belize to purchase automatic weather stations that will provide the Meteorological Service with access to real-time rainfall data, which will signifi cantly improve the Government’s ability to monitor, record and forecast rainfall and better prepare for The European Commission and hydrometeorological events World Bank sign a €14 million agreement to be executed by the Multi-Donor Trust Fund to facilitate access to catastrophe risk 2016 insurance for the governments of CCRIF SPC wins award Central American countries and the for Best Sustainable Dominican Republic by becoming Insurance Leadership – members of CCRIF Latin America & Caribbean in Capital Finance International’s Sustainable Insurance Awards CCRIF provides 2017 a grant to the Government of Dominica to support CCRIF’s develops new model for tropical cyclones and rehabilitation of earthquakes, known as SPHERA (System for Probabilistic the Douglas Charles Hazard Evaluation and Risk Assessment) Airport damaged during the passage of Tropical Storm CCRIF upgrades excess rainfall model to XSR 2.1 Erika in 2015 CCRIF offers new TC/EQ policy features: Reinstatement of Sum Insured Cover and Aggregated Deductible Cover CCRIF makes fi rst payouts to a Central American member – Nicaragua – for June earthquake and Hurricane Otto CCRIF makes its largest payout to Haiti for Hurricane Matthew – also makes payouts to Barbados, Saint Lucia and St. Vincent and the Grenadines for Hurricane Matthew and Belize for Hurricane Earl CCRIF SPC
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