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Second Central America and Caribbean Catastrophe Risk Insurance Project

Abstract*

The proposed operation supports Central America and Caribbean countries’ efforts to improve their financial resilience to manage disasters caused by natural hazards and climate-related events, considering the current limited financial context and the need for additional risk insurance products. This project aims to support the continued expansion of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) membership...

* 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 the affordability of high-quality sovereign catastrophe risk transfer associated with earthquakes and climate-related events for CCRIF SPC participating countries.

Key Details

Project Details

  • P175616

  • Closed

  • Abigail Baca , Anna-Maria Bogdanova, Rodrigo Donoso Arias

  • Caribbean Catastrophe Risk Insurance Facility – Segregated Portfolio Company (CCRIF SPC)

  • Latin America and Caribbean

  • December 15, 2020

  • (as of board presentation)

    June 25, 2021

  • September 24, 2021

  • US$ 23.24 million

  • Caribbean Catastrophe Risk Insurance Facility – Segregated Portfolio Company (CCRIF SPC)

  • Latin America and Caribbean

  • 2021

  • US$ 23.24 million

  • N/A

  • Low

  • July 31, 2024

  • Yes

  • BANK APPROVED

  • June 6, 2024

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
Global Facility for Disaster Reduction and Recovery 12.24
Free-standing Single Purpose Trust Fund 11.00

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 23.24
Total Project Cost** 23.24

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

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

Detailed Financial Activity as of July 31, 2025

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

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Overall Implementation Progress (IP) Satisfactory 2023-12-11
Procurement Moderately Satisfactory 2023-12-11
Project Management Satisfactory 2023-12-11
Financial Management Satisfactory 2023-12-11
Monitoring and Evaluation Satisfactory 2023-12-11
Progress towards achievement of PDO Satisfactory 2023-12-11

COMPLETION RATINGS

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 01-31-2025
OutcomesSatisfactory
Risk to Development Outcome
Bank PerformanceSatisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: 06-27-2025PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingSatisfactory N/a
Risk To Development OutcomeN/a
Bank PerformanceSatisfactoryN/a
Borrower PerformanceN/a
Government PerformanceN/a
Implementing AgencyN/a
Icr QualitySubstantialN/a
M&e QualitySubstantialN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • CCRIF member countries with catastrophe risk coverage have received payment within a month of the occurrence of an event which triggers an eligible lossValueYesYesYes
    DateMay 31, 2021November 2, 2023June 28, 2024
    Comment
  • Pricing of the earthquake and climate risk policies minimizes costs for members and has actuarial consistency with CCRIF SPC’s long-term sustainabilityValueYesYesYes
    DateJune 30, 2022November 2, 2022June 28, 2024
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Pricing of the earthquake risk policies purchased by COSEFIN member countries has actuarial consistency with CCRIF’s survivability and long-term sustainabilityValueYesYesYes
    DateMay 31, 2021November 2, 2022June 28, 2024
    Comment
  • Pricing of the climate risk related policies purchased by COSEFIN member countries has actuarial consistency with CCRIF’s survivability and long- term sustainabilityValueYesYesYes
    DateMay 31, 2021November 2, 2023June 28, 2024
    Comment
  • Pricing of the climate risk related policies purchased by CARICOM member countries has actuarial consistency with CCRIF’s survivability and long- term sustainabilityValueYesYesYes
    DateMay 31, 2021November 2, 2023June 28, 2024
    Comment
  • Insurance products and risk information tools improved for risks related to geophysical events, accessible to COSEFIN countriesValue0.000.002.00
    DateMay 31, 2021November 2, 2023June 28, 2024
    Comment
  • Insurance products and risk information tools improved for risks related to climate events, accessible to COSEFIN countriesValue0.002.004.00
    DateMay 31, 2021November 2, 2023June 28, 2024
    Comment
  • New products developed for risks related to climate events, accessible to CARICOM countriesValue0.001.002.00
    DateMay 31, 2021November 2, 2022June 28, 2024
    Comment
  • COSEFIN countries subscribing to products for geophysical risks.Value2.002.002.00
    DateNovember 2, 2022November 2, 2023June 28, 2024
    Comment
  • COSEFIN countries subscribing to products for risks related to climate eventsValue3.004.006.00
    DateMay 31, 2021November 2, 2022June 28, 2024
    Comment
  • Insurance products and risk information tools improved for risks related to climate events, accessible to CARICOM countriesValue0.002.004.00
    DateMay 31, 2021November 2, 2023June 28, 2024
    Comment
  • New products developed for risks related to climate events, accessible to COSEFIN countriesValue0.000.002.00
    DateJune 30, 2022November 2, 2022June 28, 2024
    Comment
  • Additional CARICOM member countries and/or OCTs subscribing to climate-related products.Value0.000.002.00
    DateMay 31, 2021November 2, 2022June 28, 2024
    Comment