CCRIF was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of hurricanes and earthquakes to Caribbean governments by quickly providing short term liquidity when a policy is triggered. CCRIF has initiated a project with Munich Climate Insurance Initiative (MCII) and the International Labor Organization (ILO) entitled Climate Risk Adaptation and Insurance in the Caribbean (CRAIC). The CRAIC project seeks to address climate change, adaptation and vulnerability by promoting weather-index based insurance as a risk management instrument in the Caribbean.

Learn more: https://www.ccrif.org/

• Financial instruments (such as insurance, risk pooling, contingency funds etc)

• Technical assistance that supports analyses of data and information e.g., social protection strategies 

• Technical assistance that supports design and implementation of projects on Loss and Damage e.g., nature-based solutions

CCRIF is currently in the process of leading the transition and future phases of the CRAIC project. CRAIC’s microinsurance products provide benefits to fishers, farmers, construction workers, and micro, small and medium enterprises, aimed at livelihood protection.

CCRIF has developed a mechanism through which governments and ministries can support social protection strategies, backed by a piloted study and technical paper.

As concerns Public Private Partnerships, CCRIF works with insurance companies and encourages governments to revise their insurance strategies. This is aimed at scaling up support to LAC countries within its portfolio. 

CCRIF’s technical assistance program supports nature-based solutions that lets local community groups implement projects. For instance, its Caribbean ocean and aquaculture sustainable facility supports the fishery sector. While CCRIF focuses on climate risk insurance, it still maintains a strong focus on fishery sustainability and assessment.