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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...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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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

  • P149670

  • Closed

  • Abigail Baca , Mirtha Escobar Saenz

  • CCRIF SPC

  • Latin America and Caribbean

  • February 27, 2014

  • (as of board presentation)

    June 30, 2015

  • October 14, 2015

  • US$ 43.25 million

  • C

  • Not Applicable

  • December 31, 2021

  • Yes

  • BANK APPROVED

  • August 15, 2024

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
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

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No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of June 30, 2025

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No data available.
Period Financier Transaction Type Amount (US$)

Footnotes

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

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 06-21-2022
OutcomesSubstantial
Risk to Development Outcome
Bank PerformanceSubstantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingSatisfactory N/a
Risk To Development OutcomeN/a
Bank PerformanceSatisfactoryN/a
Borrower PerformanceN/a
Government PerformanceNot RatedN/a
Implementing AgencyN/a
Icr QualitySubstantialN/a
M&e QualitySubstantialN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • CCRIF premiums are lower than the simulated price for a comparable coverage that any member country could purchase individually in the marketValueYesYesYes
    DateJune 30, 2015December 31, 2021December 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 lossValue0.00100.00100.00
    DateJune 30, 2015December 31, 2021December 31, 2021
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Earthquake risk policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amountValueNoYesYes
    DateJune 30, 2015December 31, 2021December 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 amountValueNoYesYes
    DateJune 30, 2015December 31, 2021December 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 amountValueNoYesYes
    DateJune 30, 2015December 31, 2021December 31, 2021
    Comment
  • Increased access by COSEFIN countries to products for risks related to climate-related eventsValue0.003.005.00
    DateJune 30, 2015December 31, 2021December 31, 2021
    Comment
  • Increased access by CARICOM countries to products for risks related to climate related eventsValue8.0018.0018.00
    DateJune 30, 2015December 31, 2021December 31, 2021
    Comment
  • Pricing of the earthquake risk policies purchased by COSEFIN member countries has actuarial consistency with CCRIF's survivability and long-term sustainabilityValueNoYesYes
    DateJune 30, 2015December 31, 2021December 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 sustainabilityValueNoYesYes
    DateJune 30, 2015December 31, 2021December 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 sustainabilityValueYesYesYes
    DateJune 30, 2015December 31, 2021December 31, 2021
    Comment
  • Number of products improved for risks related to geophysical events, accessible to COSEFIN countriesValue0.001.001.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of new products developed for risks related to climate events, accessible to COSEFIN countriesValue0.001.002.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of new products developed for risks related to climate events, accessible to CARICOM countriesValue0.001.002.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of COSEFIN countries subscribing to products for risk related geophysical eventsValue0.002.004.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of products improved for risks related to climate events, accessible to COSEFIN countriesValue0.002.002.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of products improved for risks related to climate events, accessible to CARICOM countriesValue0.002.003.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of COSEFIN countries subscribing to products for risks related to climate eventsValue0.005.003.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Number of CARICOM countries subscribing to products for risks related to climate eventsValue8.0018.002.00
    DateJuly 25, 2017December 31, 2021December 31, 2021
    Comment
  • Increased access by COSEFIN countries to products for risks related to geophysical eventsValue0.001.001.00
    DateJune 30, 2015December 31, 2021December 31, 2021
    Comment