Caribbean risk insurers pays out US$32 million to member countries
GRAND CAYMAN, Cayman Islands, Thursday July 5, 2012 – The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has paid out just over US$32 million in claims since its inception in 2007, and in the recent 2011/12 year took in $20 million in annual premiums and offers total coverage of over $600 million.
This was revealed by the CCRIF in a release issued recently to announce that it has has renewed its contract with Sagicor Insurance Managers Ltd. (Sagicor) for another next three years.
The insurance manager provides the corporate secretariat, accounting functions, board management and other related ‘back-office’ tasks. Also, the insurance manager provides the necessary regulatory interface with the Cayman Islands Monetary Authority (CIMA), required because CCRIF is registered in the Cayman Islands. The new term commenced on June 1, 2012.
CCRIF was launched in June 2007 as a regional insurance fund with 16 Caribbean countries as members and policy holders. 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.
Mr. Milo Pearson, CCRIF Executive Chairman commented: “All bid proposals received were of a very high quality. However, Sagicor’s commitment to CCRIF during the past five years and its recognition of the uniqueness of CCRIF when compared to other captives, were key factors in the board’s decision when re-awarding the contract to Sagicor.”
Sagicor Vice President Mr. James Rawcliffe added: “It is an honour for Sagicor to have been re-awarded the insurance management contract for CCRIF because of the Facility’s importance in providing natural disaster risk management to countries within the Caribbean region – as recognised by institutions such as the Caribbean Development Bank, CARICOM and the World Bank. Sagicor, with its existing experience of managing several captives owned in the Caribbean, has an intuitive understanding of what is required to make the management of CCRIF a success.”
Sagicor is one member of the CCRIF team which provides services to the Facility. Other members of the team are: Caribbean Risk Managers Ltd – Facility Supervisor; London & Capital Ltd and EFG Bank, Cayman Branch – Asset Managers; Guy Carpenter & Company, LLC – Reinsurance Broker and Sustainability Managers – Corporate Communications Manager.