Central America & Caribbean Catastrophe Risk Insurance Project

Abstract*

The objective of the Central America and Caribbean Catastrophe Risk Insurance Project for Latin America is to improve affordability of high quality sovereign catastrophe risk transfer associated with earthquakes and climate-related events for CCRIF Participating Countries. There are three components to the project, the first component being finance parametric earthquake risk insurance for Council of Ministers of Finance of Central America and the... Show More

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

Project ID
P149670
Status
Closed
Team Leader
Abigail Baca , Mirtha Escobar Saenz
Borrower 2
CCRIF SPC

Country
Latin America and Caribbean
Disclosure Date
February 27, 2014
Approval Date
(as of board presentation)
June 30, 2015
Effective Date
October 14, 2015

Total Project Cost 1
US$ 47.25 million
Implementing Agency
CCRIF SPC
Region
Latin America and Caribbean
Fiscal Year 3
2015

Commitment Amount
US$ 43.25 million
Environmental Category
C
Environmental and Social Risk
Not Applicable
Closing Date
December 31, 2021

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED
Last Update Date
August 15, 2024

Associated Projects
P163312

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Finance for Development25%
- FY17 - Disaster Risk Finance25%

FY17 - Urban and Rural Development

FY17 - Disaster Risk Management75%
- FY17 - Disaster Preparedness25%
- FY17 - Disaster Response and Recovery25%
- FY17 - Disaster Risk Reduction25%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
Borrower/Recipient	4.00
Free-standing Single Purpose Trust Fund	43.25

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	43.25
Total Project Cost**	47.25

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.

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Progress towards achievement of PDO	Satisfactory	2021-12-12
Procurement	Satisfactory	2021-12-12
Project Management	Satisfactory	2021-12-12
Financial Management	Satisfactory	2021-12-12
Counterpart Funding	Satisfactory	2021-12-12
Monitoring and Evaluation	Satisfactory	2021-12-12
Overall Implementation Progress (IP)	Satisfactory	2021-12-12

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-21-2022
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW:	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

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	December 31, 2021	December 31, 2021
	Comment

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	December 31, 2021	December 31, 2021
	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	No	Yes	Yes
	Date	June 30, 2015	December 31, 2021	December 31, 2021
	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	No	Yes	Yes
	Date	June 30, 2015	December 31, 2021	December 31, 2021
	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	No	Yes	Yes
	Date	June 30, 2015	December 31, 2021	December 31, 2021
	Comment

Increased access by COSEFIN countries to products for risks related to climate-related events Value 0.00 3.00 5.00
Date June 30, 2015 December 31, 2021 December 31, 2021
Comment
Increased access by CARICOM countries to products for risks related to climate related events Value 8.00 18.00 18.00
Date June 30, 2015 December 31, 2021 December 31, 2021
Comment

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	December 31, 2021	December 31, 2021
	Comment

Pricing of the climate risk related 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	December 31, 2021	December 31, 2021
	Comment

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	December 31, 2021	December 31, 2021
	Comment

Number of products improved for risks related to geophysical events, accessible to COSEFIN countries Value 0.00 1.00 1.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of new products developed for risks related to climate events, accessible to COSEFIN countries Value 0.00 1.00 2.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of new products developed for risks related to climate events, accessible to CARICOM countries Value 0.00 1.00 2.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of COSEFIN countries subscribing to products for risk related geophysical events Value 0.00 2.00 4.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of products improved for risks related to climate events, accessible to COSEFIN countries Value 0.00 2.00 2.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of products improved for risks related to climate events, accessible to CARICOM countries Value 0.00 2.00 3.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of COSEFIN countries subscribing to products for risks related to climate events Value 0.00 5.00 3.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Number of CARICOM countries subscribing to products for risks related to climate events Value 8.00 18.00 2.00
Date July 25, 2017 December 31, 2021 December 31, 2021
Comment
Increased access by COSEFIN countries to products for risks related to geophysical events Value 0.00 1.00 1.00
Date June 30, 2015 December 31, 2021 December 31, 2021
Comment