CCRIF is a risk pooling facility, owned, operated and registered in the Caribbean for Caribbean governments. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short term liquidity when a policy is triggered.

It is the world’s first and, to date, only regional fund utilising parametric insurance, giving Caribbean governments the unique opportunity to purchase earthquake and hurricane catastrophe coverage with lowest-possible pricing. CCRIF represents a paradigm shift in the way governments treat risk, with Caribbean governments leading the way in pre-disaster planning. CCRIF was developed through funding from the Japanese Government, and was capitalised through contributions to a multi-donor Trust Fund by the Government of Canada, the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating 16 governments.

The appointment came following a tender process started in November of last year.

“This re-tendering process was in accordance with CCRIF’s internal procedures and based on World Bank guidelines for the selection of consultants,” a spokesman said. “In keeping with maintaining the cost-efficiency and full transparency of the Facility, the positions for the various service providers associated with CCRIF are re-tendered at regular intervals.”

Guy Carpenter will now work with CCRIF’s Facility Supervisor in the execution and subsequent management of the risk transfer programme for CCRIF on an annual basis. Services also include provision of expert advice to the Facility Supervisor and Board of Directors in the development of the risk transfer strategy and provision of general intelligence and other relevant information on individual risk transfer markets (both traditional and capital markets).