BRIDGETOWN, Barbados, CMC – The Caribbean Catastrophic Risk Insurance Facility (CCRIF) says it has paid out funds totaling nearly US$390 million since its establishment in 2007, which have helped governments in the wider Caribbean quickly restore critical services, rebuild infrastructure, and, most importantly, bring relief to communities when they need it most following a crisis.
CCRIF’s chief executive officer, Isaac Anthony, told the opening ceremony of a two-day second Wider Caribbean Regional Risk Conference that the Cayman Islands-based entity had its largest-ever payout of US$42.4 million to Grenada after Hurricane Beryl struck the island last year.
“By reducing delays in financing, CCRIF enables countries to avoid disruptive budget reallocations, protect essential social services, and reduce reliance on costly borrowing,” Anthony told the conference being held under the theme, “Building a Resilient Wider Caribbean Region: A Collective Vision for Integrated Risk Management in a Changing World”.
The conference is being organized by the Barbados-based Caribbean Development Bank (CDB), CCRIF, and the Development Bank of Latin America and the Caribbean.
But Anthony said that beyond numbers, these payouts represent lives saved, stabilized livelihoods, schools reopened, hospitals functioning, social protection systems being able to expand horizontally and vertically to support the most vulnerable among us, and our economies finding the strength to recover and grow.
He said it was gratifying to note that the International Monetary Fund (IMF) acknowledged, in its Article IV Consultation Report issued earlier this year, the role that disaster risk financing instruments, such as CCRIF, would have played in the quick recovery of Grenada following Hurricane Beryl.
He stated that in 2014, CCRIF enabled Central American countries to join the Facility and access quick liquidity in the event of a natural disaster.
“From 16 original members in 2007 when we opened our doors, we have grown to 35 today 19 Caribbean governments, four Central American governments, five Caribbean electric utility companies, seven water utilities, and a government-owned tourist attraction.
“This remarkable expansion in membership reflects not only the trust placed in CCRIF, but also the urgent need for innovative solutions in a region highly exposed to natural hazards.”
Anthony stated that the growth in coverage is equally impressive, noting that total coverage provided by CCRIF currently stands at an estimated US$1.44 billion, nearly tripling the coverage offered in its first year of operations.
He said that the CCRIF is also an essential partner in sustainable and resilient development, helping its members build financial and climate resilience through its parametric insurance products, which are a key element of CCRIF’s role as a development insurer.
He said the CCRIF’s Technical Assistance (TA) programme is another critical component of its role as a development insurer, designed to build resilience and capacity across its member countries beyond the provision of parametric insurance.
He said the TA programme is structured around five key elements to advance the sustainable development of members, namely capacity building and knowledge sharing, training government officials, agencies, and stakeholders in disaster risk financing (DRF) and catastrophe risk modeling, while fostering regional knowledge exchange and South-South cooperation.
He said since 2010, CCRIF has provided over US$2.7 million in scholarships and internships to more than 410 young people pursuing studies and careers in climate risk, disaster management, and related fields, helping to build the next generation of leaders, making it the most significant scholarship and internship programme in the Caribbean region focused on disaster risk management and environmental sustainability.
The CCRIF has also invested more than $4 million in projects that build resilience in over 54 communities across member states, supporting ecosystem-based adaptation, livelihood protection, and climate change adaptation.
Anthony said that the conference is part of a broader initiative under the TA programme, recognising that Caribbean nations face not only climate- and disaster-related risks, but also a wide spectrum of economic, geopolitical, technological, environmental, and societal risks. Increasing interconnectedness, privatization of key industries, and the cascading nature of modern risks have heightened regional vulnerabilities, making traditional disaster-focused approaches insufficient.
“Together, we are advancing the understanding that resilience is not just about surviving the next hurricane or earthquake; it is about unlocking prosperity, protecting our hard-earned development gains, and ensuring that future generations inherit a region that is thriving, sustainable, and full of opportunity.”
He said, looking ahead, CCRIF’s strategic direction to 2030 focuses on expanding coverage among existing members, increasing membership, developing new products to address emerging risks from climate change and offer protection for additional sectors, and strengthening institutional capacity.
“Our innovative risk pooling model, affordable coverage, and strong member engagement have positioned CCRIF as a global leader in disaster risk financing and a model replicated in other regions such as Africa, the Pacific, and Southeast Asia.
“We will continue to innovate with new products for agriculture, housing, extreme heat, renewable energy, and drought, among others, because resilience means anticipating tomorrow’s risks as well as today’s,” he added.
Anthony said that while the challenges before are significant, “but so too is our collective resolve. The Wider Caribbean region has always been a region of strength, creativity, and innovation.
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