| Financier | Commitments |
|---|---|
| Free-standing Single Purpose Trust Fund | 45.00 |
Caribbean Catastrophe Risk Insurance Facility
Key Details
Project Details
P108058
Closed
Niels Holm-Nielsen
N/A
April 26, 2007
(as of board presentation)
April 26, 2007
July 3, 2007
US$ 45.00 million
N/A
2007
US$ 45.00 million
C
January 15, 2013
January 16, 2012
BANK APPROVED
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 | 45.00 |
| Total Project Cost** | 45.00 |
Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025
No data available.
Detailed Financial Activity as of March 31, 2025
No data available.
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Progress towards achievement of PDO | Satisfactory | 2011-09-05 |
| Financial Management | Satisfactory | 2011-09-05 |
| Monitoring and Evaluation | Satisfactory | 2011-09-05 |
| Overall | Low | 2011-09-05 |
| Procurement | Moderately Satisfactory | 2011-09-05 |
| Project Management | Satisfactory | 2011-09-05 |
| Counterpart Funding | Satisfactory | 2011-09-05 |
| Overall Implementation Progress (IP) | Satisfactory | 2011-09-05 |
COMPLETION RATINGS
| INDICATOR | IMPLEMENTATION COMPLETION & RESULTS REPORT: 07-12-2012 |
|---|---|
| Outcomes | |
| Risk to Development Outcome | Substantial |
| Bank Performance | |
| Borrower Performance | |
| Government Performance | |
| Implementing Agency |
INDEPENDENT EVALUATION RATINGS
| INDICATOR | ICR REVIEW: 03-14-2013 | PROJECT PERFORMANCE ASSESSMENT REPORT: |
|---|---|---|
| Outcome Rating | Highly Satisfactory | N/a |
| Risk To Development Outcome | Moderate | N/a |
| Bank Performance | Satisfactory | N/a |
| Borrower Performance | Highly Satisfactory | N/a |
| Government Performance | Not Rated | N/a |
| Implementing Agency | Highly Satisfactory | N/a |
| Icr Quality | Satisfactory | N/a |
| M&e Quality | Modest | N/a |
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Countries are elegible for insurance payment (and have received payment) in case of an insured event. Value CCRIF not yet established Participation fee paid and insurance policy purcha Date April 1, 2007 August 9, 2011 August 9, 2011 Comment CCRIF was established in May 2007 with 16 Caribbean member countries and territories having paid their participation fees andpurchased hurricane and/or earthquake coverage. All 16 have renewed policies for each year since. Payouts under CCRIF's policieshave totaled $32.2 million as of August 9, 2011.
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Total claims paying capacity of CCRIF Value 0 US$150 million US$110 million Date April 1, 2007 August 9, 2011 August 9, 2011 Comment For 2011-2012, CCRIF retained $25 million in risk and secured $125 million in reinsurance, sufficient to withstand a series oflosses with a modeled probability of occurring 1 in 1,400 years. With the remainder of its assets in excess of $25 million, CCRIFis believed to be able to withstand a series of catastrophic events with a modeled probability of occurring 1 in 10,000 years,although it would need to be recapitalized in order to continue operations thereafter. By way of comparison, the CaliforniaEarthquake Authority has a risk bearing capacity of about 1 in 850 years.