| Financier | Commitments |
|---|---|
| Free-standing Single Purpose Trust Fund | 23.75 |
AF to the Central America & Caribbean Catastrophe Risk Insurance Project
Development Objective
The Project Development Objective (PDO) is to improve affordability of high quality sovereign catastrophe risk transfer associated with earthquakes and climate-related events for CCRIF Participating Countries.
Key Details
Project Details
P163312
Closed
Abigail Baca , Mirtha Escobar Saenz
N/A
Latin America and Caribbean
May 24, 2017
(as of board presentation)
July 25, 2017
N/A
US$ 23.75 million
N/A
2018
US$ 23.75 million
C
Not Applicable
December 31, 2021
Yes
BANK APPROVED
August 15, 2024
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | N/A |
| Lending Instrument | |
|---|---|
| Grant Amount | 23.75 |
| Total Project Cost** | 23.75 |
Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025
No data available.
Detailed Financial Activity as of June 30, 2025
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Any CCRIF member country with catastrophe risk coverage has received payment within a month of the occurrence of an event which triggers an eligible loss Value 0.00 100.00 100.00 Date June 30, 2015 June 1, 2017 June 30, 2019 Comment No catastrophe risk coverage CCRIF premiums are lower than the simulated price for a comparable coverage that any member country could purchase individually in the market Value Yes Yes Yes Date June 30, 2015 June 1, 2017 June 30, 2019 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Earthquake risk policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount Value Yes Yes Date June 30, 2015 June 1, 2017 June 30, 2019 Comment YR1 policy parameters Pricing of the earthquake risk policies purchased by COSEFIN member countries has actuarial consistency with CCRIF?s survivability and long-term sustainability Value No Yes Yes Date June 30, 2015 June 1, 2017 June 30, 2019 Comment No reserves for COSEFIN countries Fulfillment of technical preconditions to offer excess rainfall products that are credible to the reinsurance market (per COSEFIN country) Value 0.00 0.00 3.00 Date June 30, 2015 June 1, 2017 June 30, 2019 Comment Climate risk related policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount Value Yes Yes Date June 30, 2015 June 1, 2017 June 30, 2019 Comment YR1 policy parameters Pricing of the climate risk related policies purchased by COSEFIN member countries has actuarial consistency with CCRIF?s survivability and long-term sustainability Value Yes Yes Date June 30, 2015 June 1, 2017 June 30, 2019 Comment No track record Fulfillment of technical preconditions for improved models for CARICOM countries with excess rainfall coverage and/or development of new models to offer climate risk products to these countries Value 0.00 11.00 4.00 Date June 30, 2015 June 1, 2017 June 30, 2019 Comment Climate risk related policies for CARICOM member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount Value Yes Yes Date June 30, 2015 June 1, 2017 June 30, 2019 Comment Y1 policy parameters Pricing of the climate risk related policies purchased by CARICOM member countries has actuarial consistency with CCRIF?s survivability and long-term sustainability Value Yes Yes Yes Date June 30, 2015 November 10, 2016 June 30, 2019 Comment Number of new products developed for risks related to climate events, accessible to COSEFIN countries Value 0.00 0.00 2.00 Date June 30, 2015 June 30, 2019 Comment Number of products improved for risks related to geophysical events, accessible to COSEFIN countries Value 0.00 0.00 1.00 Date June 30, 2015 June 30, 2019 Comment Number of CARICOM countries subscribing to products for risks related to climate events Value 8.00 0.00 6.00 Date June 30, 2015 June 30, 2019 Comment Additional countries Number of new products developed for risks related to climate events, accessible to CARICOM countries Value 0.00 0.00 2.00 Date June 30, 2015 June 30, 2019 Comment Number of COSEFIN countries subscribing to products for risk related geophysical events Value 1.00 0.00 4.00 Date June 30, 2016 June 30, 2019 Comment Nicaragua for Y1 Additional countries Number of products improved for risks related to climate events, accessible to COSEFIN countries Value 0.00 0.00 3.00 Date June 30, 2015 June 30, 2019 Comment Number of COSEFIN countries subscribing to products for risks related to climate events Value 1.00 0.00 5.00 Date June 30, 2015 June 30, 2018 Comment Nicaragua for Y1 Additional countries Number of products improved for risks related to climate events, accessible to CARICOM countries Value 0.00 0.00 3.00 Date June 30, 2015 June 30, 2019 Comment