Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) - Internationale Climate Initiative (IKI)
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Climate Risk Adaptation and Insurance in the Caribbean (CRAIC)

As of: August 2020

Objective and activities

As an integral part of climate risk management, climate risk insurance is becoming increasingly important for securing livelihoods, especially in countries that are increasingly exposed to extreme weather events. The project is therefore intensifying the dissemination of these insurance policies in selected Caribbean countries, extending the availability of the “Livelihood Protection Policy” to other countries, and helping to increase the number of insurance providers. The target groups are mainly sections of the population that are strongly affected by climate change. The project is also integrating climate risk insurance more strongly into the national disaster management policy. The implementing partner is the Caribbean Catastrophe Risk Insurance Facility (CCRIF), an insurance pool set up by the Caribean Community (CARICOM) states to insure themselves against natural disasters. The project is also participating in regional & international climate policy processes and negotiation formats, such as Conference of the Parties (COP) conferences.
Predecessor project(s)
Regional institutions, adaptation, and insurance: expanding coverage for medium-level weather extremes in vulnerable countries using risk reduction and innovative insurance solutions

State of implementation/results

International activities to exchange and increase outreach activities:

  • In November 2019, the CRAIC project presented at the 15th International Conference on Inclusive Insurance for Emerging Markets on “Integrating Macro, Meso, and Micro Insurance solutions”: twitter.com/…
  • In December 2019, the United Nations University Institute for Environment and Human Security (UNU-EHS), the Munich Climate Insurance Initiative (MCII), the University of the South Pacific (USP), the University of the West Indies (UWI), and the United Nations Pacific Financial Inclusion Programme (PFIP) established a research collaboration to facilitate inter-regional South-South learning and research. The name of the research collaboration is: Climate Risk Insurance Research Collaboration (CRIRC). The CRAIC project experiences and lessons learned feed into the research collaboration. Part of the CRAIC activities can receive a bigger audience as a result. ehs.unu.edu/…; www.climate-insurance.org/…
  • In December 2019, the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) project shared their lessons learned at the Conference of the Parties (COP) 25 during different side events: www.climate-insurance.org/…; www.climate-insurance.org/…; twitter.com/…
  • In December 2019 MCII together with CCRIF colleagues attended the 11th Caribbean Conference on Comprehensive Disaster Management in Sint Maarten where they conducted a session focusing on informing participants of CCRIFs products and services, including their work on the CRAIC II.
  • In the last quarter of 2019, the MCII Executive Director and Insurance Advisor and CRAIC project head Dirk Kohler published an article on “Climate Risk Insurance: From Policy to Practice” in the Institute of Insurance Economics Trendmonitor. The article discusses the role insurance and play in improving societies’’ resilience, especially financial resilience, to climate change impacts. The article gives an overview of political mobilization on Climate Risk Insurance and its implementation through public-private partnerships. www.climate-insurance.org/…; www.climate-insurance.org/…
  • The CRAIC project published an executive summary version of their lessons learned from the Caribbean, which will be followed up with a more comprehensive version in Q2, 2020: www.climate-insurance.org/…

Project data

Country:
Belize, Grenada, Jamaica, Saint Lucia, Trinidad and Tobago

Implementing organisation:
Munich Climate Insurance Initiative (MCII)

Partner institution(s):
  • Diverse climate change relevant institutions in the respective partner countries/Diverse klimarelevante Institutionen in den entsprechenden Partnerländern
  • Caribbean Catastrophe Risk Insurance Facility (CCRIF) - Grand Cayman
  • DHI Water & Environment (S) Pte. Ltd., MIKE, Powered by DHI - Denmark
  • Münchener Rückversicherungs-Gesellschaft (Munich Re) - Germany
  • Secretariat of the Pacific Community (SPC)
  • United Nations University Institute for Environment and Human Security (UNU-EHS)

BMU grant:
2.628.510,00 €

Duration:
11/2016  till  04/2020


Website(s):

Video



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