BASSETERRE, St Kitts, Thursday July 5, 2018 – Eastern Caribbean Central Bank (ECCB) Governor Timothy Antoine has been appointed chairman of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC).
He succeeds Milo Pearson who chaired CCRIF’s board from its inception in 2007 and has now retired.
Antoine, whose appointment took effect on July 1 and will last for a three-year term, said he was looking forward to working alongside the Board and CEO Isaac Anthony to take CCRIF into its second decade and “increase its impact on improving disaster risk management and building resilience in our region”.
During Pearson’s tenure as chairman, CCRIF has been internationally recognised and lauded as a global example and best practice for parametric insurance and country risk transfer.
CCRIF has increased its product offerings from two to three, adding an excess rainfall product to its original offerings of tropical cyclone and earthquake; expanded into Central America; and increased membership from the original 16 Caribbean members to 19 members with one member from Central America.
CCRIF provides quick liquidity to member governments after catastrophic events. Over the past 11 years, it has made 36 payouts totalling US$130.5 million to 13 member governments, all within 14 days of events. It continues to maintain its financial solvency and long-term sustainability even after payouts of US$62 million during last year’s Atlantic hurricane season.
During Antoine’s tenure, CCRIF will place a strong focus on scaling up the Facility.
“This focus has been given added impetus as governments and citizens in the region have witnessed first-hand the impacts of extreme geophysical and climate events – most notably Hurricanes Matthew, Irma and Maria in the past two years – and have been encouraged by CCRIF’s rapid response and payouts,” a statement announcing Antoine’s appointment said.
CCRIF’s new strategic plan for 2018-2021 will focus on scaling up, which will include, among other initiatives, the introduction of new products for drought, fisheries, agriculture, and other sectors where insurance coverage against natural hazards is not readily available.