CCRIF SPC

What CCRIF SPC does

CCRIF SPC is a Cayman Islands-incorporated, segregated portfolio company that operates the world's first multi-country, multi-peril parametric catastrophe risk insurance pool, serving 23 sovereign governments (19 Caribbean, 4 Central American), 6 electric utilities, 9 water utilities and 1 tourist attraction - 39 members in total. The organization was established in 2007 under World Bank technical leadership with grant funding from the Government of Japan and is now capitalized through a Multi-Donor Trust Fund supported by Canada, the EU, UK, France, Germany, Ireland, Bermuda and the Caribbean Development Bank. Coverage of US$1.57 billion is in force for the 2026 policy year, and CCRIF has executed 82 payouts totalling approximately US$483 million since inception, all within 14 days of triggering events.

CCRIF's product architecture is built around parametric triggers that pay on objectively measured peril parameters rather than assessed losses. Core sovereign products cover tropical cyclones, earthquakes and excess rainfall; sector-specific products cover electric utilities (CWUI), water utilities (CWUC), the fisheries sector (COAST), and a recently added Livelihood Protection Policy microinsurance line for low-income individuals. Pricing is risk-based per country and per utility, with approximately 40% premium savings versus standalone coverage claimed via the pooled structure. Distribution to governments and utilities is direct (membership agreements), while microinsurance reaches retail customers through Guardian General Insurance Jamaica and the CCRIF Microinsurance Facility - a digital administration platform built with CelsiusPro and Global Parametrics. Reinsurance broking is provided by Gallagher Re, captive management by WTW, asset management by W1M and Butterfield, and catastrophe modelling by ERN, with the proprietary model stack (SPHERA, XSR 3.0) underpinning the core peril offerings.

CCRIF functions as a not-for-profit development insurance company whose 'revenue' is comprised of recurring parametric premiums and membership fees from members, supplemented by donor grants. The organization operates as a virtual entity with 11-50 staff supported by an extensive network of service providers, and is governed by a Board chaired from June 2026 by Saundra Bailey, with CEO Isaac Anthony leading the executive team. The strategic agenda through 2030 centers on scaling parametric insurance to reach millions of low-income individuals, expanding the Microinsurance Facility across the Caribbean and Central America, and embedding AI within the next generation of catastrophe risk models.

Name

CCRIF SPC

Legal name

CCRIF SPC

Website

https://ccrif.org

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

CCRIF SPC is a Cayman Islands parametric catastrophe insurance pool serving 23 Caribbean and Central American governments plus utilities, delivering rapid liquidity within 14 days after natural disasters via models like SPHERA and XSR 3.0.

Ownership category

akta.pro rank

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Parametric Insurance Premiums: CCRIF provides parametric catastrophe insurance policies to member governments and utilities. Premiums are based on the risk exposure of each member country/utility calculated through CCRIF's catastrophe models. Payments are triggered by predefined objective weather parameters.
2. Membership Fees: Governments and utilities pay membership fees to participate in the risk pool. The fee structure enables access to parametric insurance products and the collective risk pooling mechanism.
3. Livelihood Protection Policy Premiums: Microinsurance product with policies starting at US$100 and premium rate of 11.5%, distributed through partner insurers like Guardian General Insurance Jamaica.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

CCRIF SPC is a parametric catastrophe insurance facility that provides sovereign, utility, fisheries and microinsurance policies to Caribbean and Central American members. Policies are triggered by pre-defined objective parameters (tropical cyclone intensity, earthquake magnitude, rainfall thresholds), enabling payouts within 14 days of events to provide rapid liquidity for post-disaster response and budget stabilization. Coverage includes tropical cyclone, earthquake, excess rainfall, electric utility, water utility, fluvial flood, fisheries (COAST), and Livelihood Protection Policy microinsurance products.

Product overview

CCRIF SPC operates as a parametric insurance facility providing disaster risk financing products to Caribbean and Central American governments and utilities. The company offers 8 parametric insurance products organized around three core sovereign insurance offerings (Tropical Cyclone, Earthquake, and Excess Rainfall policies), three sector-specific products (COAST for fisheries, Electric Utilities, and Water Utilities), plus Fluvial Flood coverage and the Livelihood Protection Policy microinsurance for vulnerable individuals. The portfolio also includes policy endorsements (ADC, WST, LET) that enhance coverage flexibility. Since inception in 2007, CCRIF has made 82 payouts totaling US$483 million to 22 member governments.

Differentiator

Problem solved

Functional benefit

Brands

• Livelihood Protection Policy (LPP): A parametric microinsurance product designed to provide fast cash payouts within 14 days to low-income groups such as small farmers, fisherfolk, and market vendors following extreme weather events.
• COAST
• CCRIF Microinsurance Facility

Products and services

• Tropical Cyclone Parametric Insurance Parametric insurance policy providing rapid payouts to Caribbean and Central American governments based on the intensity of tropical cyclone events and calculated losses from CCRIF's catastrophe model.
• Earthquake Parametric Insurance Parametric insurance policy providing rapid payouts based on earthquake intensity and modelled losses, enabling governments to maintain basic functions after seismic events.
• Excess Rainfall Parametric Insurance Parametric insurance policy providing rapid liquidity to governments following excess rainfall events, with coverage including the Wet Season Trigger and Localized Event Trigger endorsements.
• COAST - Caribbean Ocean and Aquaculture Sustainability Facility Parametric fisheries insurance product protecting livelihoods of fisherfolk, boat captains, crew, and fish vendors. Sovereign insurance purchased by governments that transfers funds from a government payout to pre-identified beneficiaries in the fisheries sector.
• Electric Utilities Parametric Insurance Parametric insurance product for electric utilities covering transmission and distribution systems against tropical cyclone damage.
• Water Utilities Parametric Insurance Parametric insurance product for Caribbean water utilities covering losses from wind, storm surge, and excess rainfall.
• Fluvial Flood (Runoff) Parametric Insurance Parametric insurance product for fluvial flooding risks, offered to select countries for the 2025/26 policy year.
• Livelihood Protection Policy (LPP) Parametric microinsurance product providing fast cash payouts within 14 days to low-income groups including small farmers, fisherfolk, and market vendors following extreme weather events. Developed with CelsiusPro and Global Parametrics.
• Climate Guard Parametric microinsurance product distributed by Guardian General Insurance Jamaica based on CCRIF's Livelihood Protection Policy model, providing rapid cash payouts within 14 days to Jamaicans impacted by extreme rainfall and high-wind events. Premium rate of 11.5%, policies starting at US$100.

Quantifiable outcome

• $483 million in payouts to 22 member governments since 2007, all within 14 days of events
• +4 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eleven partnerships are on record, tiered major, core and minor.

• CelsiusPromajorTechnology or Integration · 9 July 2025Partner in CCRIF Microinsurance Facility creating digital insurance administrative platform to enable multiple insurers to offer microinsurance products to underserved Caribbean and Central American populations.
• Global ParametricsmajorTechnology or Integration · 9 July 2025Subsidiary of CelsiusPro. Partner in CCRIF Microinsurance Facility providing parametric weather index-based insurance products and technology platform.
• COSEFIN (Council of Ministers of Finance of Central America, Panama and Dominican Republic)coreStrategic or Co-development Partner · 1 January 2014MOU signed in April 2015 enabling Central American countries to formally join CCRIF. Facilitated expansion of membership to Guatemala, Honduras, Nicaragua, and Panama.
• World BankcoreStrategic or Co-development Partner · 1 January 2007Technical leadership and development partner. World Bank facilitated establishment of CCRIF in 2007 and continues to support through Multi-Donor Trust Fund. Provided technical assistance for product development and expansion into Central America.
• Gallagher RecoreTechnology or IntegrationReinsurance broking arm of Arthur J. Gallagher & Co. Provides risk assessment, structuring, placement, actuarial technology, capital market solutions, and catastrophe modelling for CCRIF.
• WTW (Willis Towers Watson)coreTechnology or IntegrationInsurance manager providing captive and insurance management solutions. Supports CCRIF's operational and strategic functions.
• ERN/RED (Evaluación de Riesgos Naturales / Risk Engineering and Design)coreTechnology or IntegrationRisk management specialist providing catastrophe risk modelling for earthquakes, tropical cyclones, and floods. ERN is the leading catastrophe risk modelling firm in Latin America.
• Sustainability ManagerscoreImplementation/ SI/ Consulting PartnerTechnical assistance manager and development communications manager. Manages CCRIF Technical Assistance programme and leads development communications, knowledge management, strategic planning, and capacity building initiatives.
• Guardian General Insurance JamaicamajorChannel Partner/ Reseller/ DistributorDistribution partner for Livelihood Protection Policy (LPP) microinsurance product in Jamaica. First insurer to offer the product following CCRIF's LPP launch in December 2025.
• Caribbean Regional Fisheries Mechanism (CRFM)coreStrategic or Co-development PartnerCOAST product partner. Technical collaboration for fisheries sector insurance product for Saint Lucia and Grenada.
• World Food Programme (WFP)minorStrategic or Co-development PartnerCollaboration on WFP-CCRIF Social Protection Top-up Model integrating parametric insurance with social protection systems.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• CelsiusPro: Swiss-based parametric insurance specialist and parent of Global Parametrics, now partnering with CCRIF on the Microinsurance Facility. Comparable as a parametric structuring and digital platform partner serving weather-indexed and natural catastrophe risks in emerging markets.
• Global Parametrics: CelsiusPro subsidiary providing parametric weather index-based insurance products and technology. Partner in CCRIF's Microinsurance Facility and comparable as a developer of index-based climate risk products for vulnerable populations.

Others

• Caribbean Development Bank: Regional multilateral lender that is both a CCRIF financial partner (capitalization through grants) and a co-funder of member coverage increases. Comparable as a development finance institution addressing Caribbean climate resilience, though operating as a lender rather than an insurer.

Direct peers

• Pacific Catastrophe Risk Insurance Company (PCRIC): Parametric catastrophe risk pool serving Pacific Island governments against tropical cyclones, earthquakes, and tsunamis. Closely mirrors CCRIF's sovereign member model, parametric triggers, and donor-backed structure for small vulnerable island economies.
• African Risk Capacity (ARC): African Union-affiliated parametric risk pool providing catastrophe insurance to African governments against drought, tropical cyclone, and outbreak risks. Most directly comparable to CCRIF as a multi-country sovereign parametric pool with donor capitalization and rapid payout design.

Broad incumbents

• Munich Re: Global reinsurer providing catastrophe reinsurance capacity, including arrangements with sovereign risk pools. Comparable as a counterparty in CCRIF's reinsurance tower and as a model for parametric catastrophe structuring, though operating at vastly larger scale and on a for-profit basis.
• California Earthquake Authority (CEA): State-mandated residential earthquake insurance provider in California. Comparable as a publicly-backed catastrophe insurance facility offering standardized parametric-style policies, though focused on residential rather than sovereign clients.
• Swiss Re: Global reinsurer with deep catastrophe and parametric insurance expertise, including structured solutions for sovereigns. Comparable as a reinsurance partner for CCRIF and as a benchmark for parametric product design and capital markets risk transfer.
• Turkish Catastrophe Insurance Pool (TCIP): Government-established compulsory earthquake insurance pool in Turkey, administered with World Bank support. Comparable as a multi-peril catastrophe pool with regulatory backing, though focused on a single country and compulsory rather than voluntary.
• Citizens Property Insurance Corporation: Florida's insurer of last resort providing property catastrophe coverage. Comparable as a public-purpose catastrophe insurance entity managing concentrated regional risk with government backing, though focused on property rather than sovereign exposures.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ccrif_pr

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CCRIF SPC